Synopsis : AU Small Finance Bank has partnered with LIC to distribute comprehensive life insurance products across its 2,456+ branches. The move aims to advance financial inclusion and support India’s ‘Insurance for All by 2047’ vision.
In a significant step toward enhancing financial inclusion, AU Small Finance Bank (AU SFB) has announced a strategic partnership with Life Insurance Corporation of India (LIC), the nation’s largest life insurer. The collaboration will enable the distribution of LIC’s diverse range of life insurance products across AU SFB’s extensive network of over 2,456 banking outlets in 21 states and four Union territories.
This partnership aligns with the national goal of achieving ‘Insurance for All by 2047’ by expanding insurance penetration, particularly in rural and semi-urban regions. The products to be offered include term insurance, endowment plans, whole life policies, pension and annuity solutions, and child-specific plans, catering to India’s diverse protection and retirement needs.
Uttam Tibrewal, Executive Director and Deputy CEO of AU Small Finance Bank, noted that the partnership merges the strengths of both institutions, combining LIC’s trusted insurance offerings with AU SFB’s distribution capabilities to deliver comprehensive financial protection and retirement solutions across Bharat. This collaboration marks a strategic milestone for AU SFB as it progresses toward becoming a full-spectrum financial services provider, integrating banking, protection, and long-term financial planning for its customers.
For LIC, the alliance provides a credible and customer-centric channel to enhance its reach, allowing it to serve underserved and unserved segments more effectively while maintaining its leadership in the life insurance industry.
Founded in 1996 by Sanjay Agarwal, AU Small Finance Bank is India’s largest small finance bank, serving over 1.13 crore customers with a balance sheet of ?1.57 trillion and holding a ‘AA/Stable’ credit rating as of March 31, 2025.
Disclaimer : This article is for informational purposes only and does not constitute investment or financial advice. Readers should conduct their own research before making any financial decisions.
