The Life Insurance Corporation of India (LIC of India) has announced a major bancassurance partnership with RBL Bank Ltd., aimed at extending its insurance products to a broader base of Indian consumers. The collaboration will allow RBL Bank customers to access LIC’s full suite of life insurance offerings — including term, endowment, pension, and unit-linked plans — through both physical branches and digital platforms.
This move aligns with the Government of India’s long-term vision of achieving “Insurance for All by 2047”, enhancing insurance penetration in urban and rural areas alike.
Strengthening Distribution Networks
Under this new agreement, the LIC of India will leverage RBL Bank’s strong footprint of nearly 570 branches and 1,474 business correspondent outlets, integrating them with LIC’s extensive network of 3,600 branches and satellite offices.
The partnership was formalized at an event attended by LIC’s Managing Director & CEO Shri R. Doraiswamy and RBL Bank’s Managing Director & CEO Shri R. Subramaniakumar, alongside senior executives from both institutions.
In a joint statement, the two companies emphasized their shared commitment to financial inclusion, stating that this collaboration will help make life insurance more accessible, affordable, and convenient for millions of Indians.
LIC of India Celebrates 69 Years of Leadership
This partnership follows LIC’s 69th anniversary, marked on September 1, 2025, and comes at a time when the insurer continues to dominate India’s life insurance market.
According to official data, LIC of India commands a 65.83% market share in policy count and 57.05% in first-year premium income for the 2024–25 fiscal year. Its assets under management (AUM) grew by 6.45%, reaching a remarkable Rs 54.52 lakh crore, further reinforcing LIC’s position as one of the world’s largest life insurers.
LIC currently offers 35 individual plans, 12 group policies, seven riders, and one group rider, covering a full spectrum of needs including term life, endowment, child, annuity, microinsurance, health, and ULIPs.
Digital Transformation and Customer-Centric Innovations
In line with the digital revolution, LIC of India has made significant strides in technology adoption and digital customer engagement. Over 24 million users are now registered on LIC’s customer portal and mobile app, enabling seamless policy management and premium payments.
Recent innovations include:
- The LIC Digital NRI App for overseas policyholders.
- QR-based payment systems and WhatsApp-enabled alerts.
- The multilingual LIC Mitra 2.0 chatbot, supporting 10 Indian languages for real-time assistance.
- The Jeevan Saakshya app, an AI-driven platform for processing digital existence certificates — already used by more than 50,000 policyholders.
Through these digital initiatives, LIC aims to modernize the customer experience while maintaining its human touch and reliability.
Corporate Social Responsibility and Global Footprint
Beyond business, LIC’s Golden Jubilee Foundation, established in 2006, has funded 926 social projects and awarded over 30,000 scholarships, with a total disbursement exceeding Rs 283 crore.
The insurer also boasts a strong international presence in 11 countries, with subsidiaries and associates across sectors including housing finance, mutual funds, pension funds, and banking — demonstrating its diversified growth strategy.
Commitment to “Yogakshemam Vahamyaham”
Reflecting on the company’s legacy, LIC’s leadership reaffirmed its guiding principle — “Yogakshemam Vahamyaham,” meaning “Your welfare is our responsibility.”
In an official statement, the company expressed gratitude to its policyholders, shareholders, employees, and agents for their continued trust and support, adding that LIC remains dedicated to upholding transparency, service excellence, and financial security for all.
A Step Forward for India’s Insurance Ecosystem
The partnership between LIC of India and RBL Bank marks a significant milestone in the country’s financial inclusion journey. By merging LIC’s extensive product portfolio with RBL Bank’s strong retail and digital presence, the collaboration is poised to bring insurance access to millions of underserved Indians.
Experts believe that such alliances are key to India’s vision of building a robust, digitally integrated, and customer-friendly insurance landscape.
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