HDFC Life enters into Corporate Agency tie-up with Karnataka Bank to offer life insurance solutions to its customers

Hyderabad, November 2023: HDFC Life, one of India’s leading life insurers, and Karnataka Bank have entered into a Corporate Agency (CA) arrangement.

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

India is largely underinsured. The protection gap in India is higher than that of most developed markets. For every individual with responsibilities, it is necessary to secure themselves and their families financially. Life insurance is a product that not only provides financial security but also enables individuals to save over the long term in a disciplined manner thus fulfilling their long-term financial goals.

HDFC Life constantly endeavours to reach out to individuals across geographies thus ensuring that they are protected with a financial safety net. This partnership with Karnataka Bank will further strengthen HDFC Life’s efforts towards Insuring India.

By combining Karnataka Bank’s century-old banking experience and HDFC Life's expertise in providing quality life insurance products, this collaboration is set to deliver a host of benefits along with superior service to customers seeking financial security and life protection.

 
Speaking on the arrangement, Vibha Padalkar, MD & CEO of HDFC Life said, "It gives us great pleasure to partner with Karnataka Bank. Given the under-penetration, there is tremendous potential for life insurance in our country. Life insurance is the first step towards financial planning and we believe it is a must have for every individual with responsibilities. With our rich experience in managing bancassurance partnerships, we aim to offer a comprehensive suite of product solutions and best-in-class servicing, leveraging our investments in technology. We look forward to working closely with the Karnataka Bank team for the benefit of their customers".

Speaking about the new association, Srikrishnan H, MD & CEO of Karnataka Bank expressed "We are excited to partner with HDFC Life in our centenary year.  This collaboration aligns with our commitment to enhancing the suite of financial products and services available as a choice to our customers. It reflects our dedication to providing holistic financial solutions through our wide distribution and digital network and ensuring the well-being and security of our customers and their families."