Karur Vysya Bank Limited has informed the Exchange regarding 'Execution of agreement with M/s. Life Insurance Corporation of India (LIC) as an additional Bancassurance partner under Life Insurance business'.
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Karur Vysya Bank has signed an agreement with Life Insurance Corporation of India (LIC) to become an additional bancassurance partner for the bank's life insurance distribution business. The agreement was executed on May 9, 2025. The bank clarified that this is part of its ordinary course of business. No financial details, deal value, or revenue projections have been disclosed in this intimation.
Adding LIC as a bancassurance partner gives the bank access to a wider range of life insurance products for its customers and an additional fee/commission income stream, though the impact is incremental since the bank already has existing bancassurance arrangements.