LIC Partners with Sahaj Insurance Services to Expand Product Distribution

Life Insurance Corporation of India (LIC) on Thursday announced that it has entered into a distribution agreement with Sahaj Insurance Services Private Limited to sell life insurance products in rural and semi-urban parts of the country. The arrangement adds to LIC’s existing distribution channels in non-urban markets. 

Products to be Offered  

LIC’s life insurance products will be distributed through Sahaj’s assisted digital service centres. These centres will provide support for policy enrolment, basic servicing, and customer queries. The model allows customers to complete insurance-related processes with in-person assistance. 

Statement from LIC 

As per news reports, Soumendranath Bandyopadhyay, Regional Manager at LIC, stated, “LIC has always been committed to extending life insurance protection to every segment of society. Our collaboration with Sahaj Insurance Services Private Limited will help us reach deeper into rural and semi-urban regions, ensuring that more citizens benefit from the security and assurance offered by LIC.” 

About Sahaj Insurance Services 

Sahaj Insurance Services operates as a corporate insurance agent and is a wholly owned subsidiary of Sahaj Retail. The company is part of the Kanoria Foundation initiative.  

It recently received a corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI), allowing it to distribute insurance products across India. 

Size of the Service Network 

According to the company, Sahaj operates around 4.5 lakh digitally enabled centres across the country. These centres collectively serve more than 70 crore citizens. The network has a major presence in rural and semi-urban areas and is used for delivering multiple citizen-facing services. 

Centre-Level Support 

Insurance services at these centres are handled by trained personnel who assist customers with documentation, enrolment, servicing requests, and claims-related processes. The same system will be used for LIC’s life insurance products offered through the network. 

Access to Other Schemes 

In addition to LIC’s life insurance products, Sahaj centres will also facilitate enrolment in government-backed insurance and social security schemes. Life and health insurance products are included within the insurance services available at the centres. 

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Conclusion 

The agreement provides LIC with an additional route to distribute life insurance products in rural and semi-urban markets. With regulatory approval in place and an existing service network, the tie-up expands LIC’s reach through a centre-based assisted delivery model. 

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