Life Insurance Corporation(LIC) and Karnataka Vikas Grameen Bank (KVGB), a regional rural bank headquartered in Dharwad have recently renewed a MoU to sell life insurance products through the branches of KVGB. In a press release, KVGB said that the bank will promote LIC’s products through its 636 branches.
P Gopi Krishna, Chairman of KVGB, said, “KVGB is renewing the pact with LIC mainly to increase insurance penetration in rural areas and to provide better deal to customers both in terms of service and premium.” He further stated that the bank plays a crucial role in extending affordable banking facilities in urban and rural areas through various products and services. The bank caters to the needs of around 80 lakh customers, he added.
Sanjay Bhargav, Regional Manager, zonal office of LIC, Bengaluru, said, “The Dharwad division of LIC collected Rs 119 crore as first premium from 45,776 policies up to August 31 of 2019-20.” While appreciating the work done by KVGB, he urged it to popularise life insurance products so that more people in villages could derive the benefits of insurance coverage. IG Kumar Goud, General Manager of KVGB, and HK Ravikiran, Senior Divisional Manager of LIC, signed the agreement in Dharwad.
