J&K Bank Partners with HDFC Life for Bancassurance

# J&K Bank Partners with HDFC Life for Bancassurance ### 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**