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Friday, Apr 04, 2003

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Central Bank to vend LIC policies

Our Bureau

MUMBAI: Central Bank of India will shortly foray into the bancassurance business. It has become a corporate agent for the Life Insurance Corporation of India.

The bank will be selling LIC policies through 200 trained officers, of whom 20 have already been authorised to sell policies directly to the bank's customers in Mumbai, through its 78 branches.

LIC also has tie-ups for corporate agencies with Indian Overseas Bank, Corporation Bank, Repco Bank and co-operative banks. It has also signed MoUs with Oriental Bank of Commerce, Bank of Punjab, Centurion Bank and the City Union Bank Ltd and many co-operative and Gramin Banks.

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