Srinagar, Aug 17: Jammu and Kashmir Bank has entered into a Corporate Agency Agreement with HDFC Life to provide its customers access to a wider range of life insurance products, the bank said on Sunday.
The partnership will enable J&K Bank customers to access HDFC Life’s insurance solutions covering protection, savings, investment and retirement planning, among other needs.
The agreement was announced in the presence of J&K Bank Managing Director and CEO Amitava Chatterjee and HDFC Life MD and CEO Vibha Padalkar, along with senior officials of both organisations.
Commenting on the partnership, Chatterjee said the tie-up would widen the choice of insurance products available to customers and strengthen the bank’s ability to offer need-based financial solutions.
“Greater choice creates greater value,” Chatterjee said, adding that the bank’s multi-partner approach was aimed at creating a competitive marketplace offering customers product diversity, competitive pricing and greater flexibility.
He said expanding insurance through the bank’s distribution network would also contribute to the national objective of increasing insurance penetration and support the Insurance Regulatory and Development Authority of India’s vision of “Insurance for All by 2047”.
Padalkar said life insurance was an important component of long-term financial resilience and expressed confidence that the partnership would help customers protect their financial aspirations.
The collaboration adds HDFC Life to J&K Bank’s existing panel of insurance partners, strengthening its bancassurance offerings and giving customers access to products from multiple insurers.
J&K Bank said its multi-partner model was intended to facilitate need-based selection rather than a one-size-fits-all approach.
Established in 1938, J&K Bank is headquartered in Srinagar and has around 5,000 banking touch points, including 1,008 branches, across the country.
HDFC Life, established in 2000, offers individual and group insurance solutions covering protection, pension, savings, investment, annuity and health needs.
