Mangaluru : Karnataka Bank on Monday signed a memorandum of understanding (MoU) with Life Insurance Corporation of India (LIC) for selling life insurance products.

Mahabaleshwara M S, MD and CEO of the bank, said, “Customers’ needs are changing on day-to-day basis and it is necessary to every service unit to stand up to the expectations of its customers and work towards customer delight. The bank is firmly moving in this direction and with the MoU with LIC, the bank will be able to provide vast choice of life insurance products to its customers across all its 769 branches, supported by the popular customer-centric products of LIC.

LIC and Karnataka Bank are two great household names and both are time-tested entities. Let us work together in delivering the quality products to our customers and, thus, maximise value addition to all our customers.

Let us together dedicate ourselves to cover the life of the Insured and their family members.”
LIC executive director Rakesh Kumar said, “The partnership is an important part of our growth strategy which requires a robust distribution network and this will be possible as Karnataka Bank is having its existence at every nook and corner of the country.”

“This is an alliance of two like-minded organisations that are looking at providing technological innovations and best in class risk management practices. This tie-up will provide an opportunity to provide more effective life insurance solutions to the customers.

“LIC is the largest insurer in the globe and have a death claim settlement ratio of over 99.90%. Karnataka Bank is one of the strongest private sector Banks in the country and this alliance will be benefitted to both,” he said.