LIC has tied up with Hero Insurance Broking to sell its policies through the chain of Hero MotoCorp showrooms and service centres.
To start with, LIC India aims to reach out to semi-urban and rural markets through this tie up. Currently, Hero Broking has a vast distribution network of over 2700 locations.
In a press release, Shefali Munjal, Executive Director, Hero Enterprise said, “For LIC and Hero both, service to each Indian and the insurance needs of the nation has been the paramount objective. LIC’s wide range of plans are designed to meet the dynamic needs of all people, the returns it offers and its high claim settlement ratio are a reflection of it. Hero’s reach would complement LIC’s, and together we will help build resilience and self-reliance especially in rural communities.”
LIC manages AUM of Rs. 34 lakh crore at the end of March 2021.