HDFC Life, one of India’s leading insurers, has entered into a corporate agency tie-up with Lokmanya Multipurpose Cooperative Society, a prominent financial institution with over 200 branches across four states. The partnership will enable Lokmanya Society to distribute HDFC Life’s diverse range of life insurance products to its customers.
About HDFC Life
It is a successful and admired life insurance company that offers the best value for money and sets the standards in the industry. It provides a range of individual and group insurance solutions that meet various needs such as protection, pension, savings, investment and health. In FY 2023, HDFC Life secured more than 68 million lives with an overall claim settlement ratio of 99.7%.
About Lokmanya Society
Lokmanya Multipurpose Cooperative Society was established in August 1995 and offers diverse financial products for investment. It has more than 200 branches across Karnataka, Maharashtra, Goa and Delhi and serves over 1.5 million customers. It aims to provide quality service and customer benefits through its innovative offerings.
Benefits of the Partnership
The partnership between HDFC Life and Lokmanya Society will help to enhance the reach of life insurance to a significant part of the Indian population, especially in the rural and semi-urban areas. It will also provide value-added services to the customers of both the organisations. HDFC Life will leverage its distribution strength and product expertise to offer customised solutions to Lokmanya Society’s customers. Lokmanya Society will benefit from HDFC Life’s brand reputation and customer-centric approach.
Speaking about the new association, Abhijit A. Dixit – Chief Executive Officer, Lokmanya Multipurpose Cooperative Society said, “I am thrilled to announce a significant milestone for our organisation – a new corporate tie-up with HDFC Life. This collaboration makes a strategic partnership aimed at enhancing the value we provide to our customers and employees alike.”
Speaking on the launch, Suresh Badami – Deputy Managing Director, HDFC Life said, “We are happy to announce our partnership with Lokmanya Multipurpose Cooperative Society. This is another step towards achieving India’s vision of ‘Insurance for All’ by 2047. We hope to leverage our distribution strength and take our insurance solutions to their entire customer base and add value to the partnership.”
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