HDFC Life signs bancassurance deal with South Indian Bank to serve its large customer base

The collaboration combines synergies to offer life insurance solutions to the customers of South Indian Bank

Will enhance the reach of life insurance pan-India with focus in southern states

New Delhi, Dec 27, 2021: HDFC Life, one of India’s leading life insurers, today, announced a bancassurance tie-up with South Indian Bank.

This bancassurance arrangement will enable customers of the South Indian Bank to avail HDFC Life’s wide range of life insurance products which include solutions for protection, savings and investment, retirement and critical illness.

HDFC Life is one of the largest life insurance players with a market share of 22.3% (in terms of Overall New Business Premium as on September 30, 2021). The insurer has a wide range of products which offer customers the dual benefits of protection as well long term savings based on their life stage requirements.

The Company offers end to end digital on-boarding to customers along with 24/7 service. This unique combination of simple products and superior quality service makes for a compelling customer proposition. This bancassurance partnership will further strengthen HDFC Life’s business across India.

Speaking on the partnership, Suresh Badami, Executive Director, HDFC Life, said “India as a country is largely under insured. The pandemic has further stressed on the need for financial security. Thus life insurance has become a critical product for every individual looking for solutions around protection, morbidity and savings. It is our endeavor to reach out to a larger section of the population with our products. In line with this, we are pleased to announce the partnership with South Indian Bank. We aim to provide their loyal customer base with innovative products and superior levels of service via both the physical and digital routes.”

Murali Ramakrishnan, Managing Director & CEO of South Indian Bank, said ,“As South Indian Bank enters into 93 years of existence, partnering with HDFC Life is the continued tradition of building trust with our customers. With insurance getting paramount importance especially during the pandemic, South Indian Bank’s strong customer connect and HDFC Life’s product suite, will ensure the customer is getting the best in class insurance solutions on offer.“