HDFC Life partners with Karur Vysya Bank for life insurance solutions

Life insurance company HDFC Life has entered into a Corporate Agency (CA) arrangement with Karur Vysya Bank for life insurance solutions.

This partnership will enable both HDFC Life and Karur Vysya Bank to offer “superior” life insurance products and services to their customers at scale, the company said in a statement.

Deputy Managing Director of HDFC Life Suresh Badami said the tie-up will enable the partners to offer solutions to achieve India’s vision of ‘Insurance for All’ by 2047.

The Tamil Nadu-based lender provides banking services across 827 branches in 20 states and 3 Union Territories.

HDFC Life has over 300 partnerships with banks, NBFCs, MFIs, SFBs, brokers, and new ecosystem partners.

The insurance company is promoted by HDFC Bank effective December 12 this year, consequent to reclassification of abrdn from “Promoter” category to “Public” category in accordance with Regulation 31A of the SEBI.

As of 3:14 pm, shares of HDFC Life were trading nearly 1 per cent lower at Rs 665.90 per share, according to BSE.