LIC tied up with Saraswat Cooperative Bank to sell LIC Products

Current Context: LIC has partnered with Saraswat Cooperative Bank to sell its products under bancassurance. This means that the bank will act as an intermediary and offer LIC’s insurance policies to its customers.

• This will help LIC to increase its reach and penetration in the market, and also provide more options and convenience to the bank’s customers.
• This partnership was announced on August 25, 2023. Saraswat Cooperative Bank is the largest urban cooperative bank in India, with 294 branches across six states.
• LIC has a wide range of insurance products for different segments of society, such as annuity, ULIP, term insurance, and savings plans.
• One of its products is Dhan Vriddhi, a close ended guaranteed benefit plan for those aged 90 days to 60 years, which is available till September 30.

Question:

Q.1 Which bank has partnered with LIC to sell its products under bancassurance?
a. HDFC Bank
b. ICICI Bank
c. Saraswat Cooperative Bank
d. Axis Bank