HDFC Life & NKGSB bank Enters into a Corporate Agency tie-up

Current Context: The Corporate Agency tie-up between HDFC Life and NKGSB Co-operative Bank was announced on Thursday, December 21, 2023.

• HDFC Life, one of India’s leading insurers, and NKGSB Co-operative Bank Ltd, a bank with a legacy of 106 years, have indeed entered into a Corporate Agency tie-up.
• This tie-up enables NKGSB Co-operative Bank customers to avail life insurance products of HDFC Life.
• NKGSB Co-operative Bank is a leading multi-state co-operative bank and has always been at the forefront of adding value to its products by establishing correspondent relationships and strategic alliances.
• This distribution creates an opportunity to penetrate the underserviced segments. 
• NGKSB customers will now be able to avail a bouquet of traditional, term, pensions, and annuity products of HDFC Life.
• In FY 2023, HDFC Life, known for its innovative products and customer-centric approach, has secured more than 68 million lives with an overall claim settlement ratio of 99.7%.
• This alliance reflects the Bank’s commitment in ensuring the well-being and financial security of its valued customers.

Question:

Q.1 What is the benefit of the tie-up between HDFC Life and NKGSB Co-operative Bank?
a. NKGSB customers can avail life insurance products of HDFC Life.
b. HDFC customers can avail banking services of NKGSB Co-operative Bank.
c. HDFC Life can avail banking services of NKGSB Co-operative Bank.
d. NKGSB Co-operative Bank can avail life insurance products of HDFC Life.