Why in News?
J&K Bank entered into a corporate agency agreement with HDFC Life to offer life-insurance products to its banking customers.
What is bancassurance?
- Bancassurance is a partnership in which a bank distributes insurance products offered by an insurance company to its customers.
- Under the agreement, J&K Bank customers will be able to access protection, savings, investment and retirement-related life-insurance products from HDFC Life.
- The model allows insurers to use a bank's branch and customer network to widen insurance reach.
Exam Connect
- Bancassurance → bank distributes insurance products
- Insurance sector regulator → IRDAI