AU Small Finance Bank and LIC Bancassurance Tie-Up
Why in the news
AU SFB will distribute LIC’s life insurance through its network.
Objectives
- Inclusion: reach rural and underserved people, lifting insurance penetration in Tier 2 and Tier 3 cities.
- Mutual gain: AU SFB widens its products; LIC gains the bank’s customer base.
About the partners
- LIC: largest life insurer, state-owned.
- AU SFB: Jaipur-based, serves semi-urban and rural markets, strong in retail and MSME.
Exam angle
- Bancassurance: bank sells insurer’s products.
- AU SFB headquarters: Jaipur.