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HDFC Life has announced a bancassurance tie-up with which bank to enable customers of the bank to avail a range of life insurance products of the insurer?

HDFC Life has announced a bancassurance tie-up with which bank to enable customers of the bank to avail a range of life insurance products of the insurer? Correct Answer South Indian Bank

The correct answer is South Indian Bank.

Key Points

  • HDFC Life has announced a bancassurance tie-up with South Indian Bank.
  • It will enable customers of the bank to avail a range of life insurance products of the insurer that include solutions for protection, savings and investment, retirement and critical illness.
  • HDC Life is one of the largest life insurance companies with a market share of 22.3% (in terms of overall new business premium).

Important Points

  • Recent MoUs:
    • Hyundai Motor India Ltd signed an MoU with Aditi Ashok in December 2021 to strengthen the brand’s voice, spirit and innovative approach.
    • Prasar Bharati and Indian Council for Cultural Relations (ICCR) have signed an MoU for promoting Indian culture.
    • Union Ministry of Road Transport and Highways (MoRTH), IIT Madras, and MapmyIndia have signed a Memorandum of Understanding (MoU) to launch an indigenously developed, free-to-use navigation app service.
    • The National Cadet Corps (NCC) and the National Highways Authority of India (NHAI) signed an MoU in December 2021 to reuse plastic wastes collected by NCC Cadets during Puneet Sagar Abhiyan.

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1. It is an arrangement where by the branches of a bank sell/distribute insurance products of an insurance company.
2. It is a new product developed/launched by the banks in which the risks of the high value customers are covered for any losses to their property and/or lives through an insurance cover.
3. It is a new product launched by the banks by which they are providing insurance cover to exporters/importers for the losses, if any due to high fluctuations in the exchange rates of dollars and other major currencies.
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