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December 28, 2021

HDFC Life forms bancassurance partnership with South Indian Bank

HDFC Life has teamed up with South Indian Bank to expand its reach to the southern states of India.

The tie-up is aimed at offering a wide range of life insurance products to the customers of South Indian Bank.

HDFC Life’s offerings include coverage for critical illness, retirement, protection, savings, retirement, and investment.

It claims to offer dual benefits of protection along with long term savings based on customers’ requirements.

The insurer is one of the leading players in the Indian life insurance market with a 22.3% market share in terms of overall new business premium as of 30 September 2021, according to media reports.

HDFC Life executive director Suresh Badami stated that the insurer seeks to reach out to a larger section of the population with its 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,” Badami added.

South Indian Bank managing director & CEO Murali Ramakrishnan said: “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.”

HDFC Life was recently in the news for announcing a $915.5m deal to acquire Exide Life Insurance from Exide Industries.

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