HDFC Life enters into a Corporate Agency arrangement with YES Bank to sell insurance policies to its customers

HDFC Life on Tuesday said it has entered into a corporate agency (CA) arrangement with YES Bank to sell policies to the bank's customers. This CA arrangement will enable customers of YES BANK to avail HDFC Life's wide range of life insurance products which include solutions for protection, savings and investment, retirement and critical illness.

"We are delighted to partner with YES BANK. There is a huge potential for insurance coverage across life & health protection, savings and annuity products in our country. With our bancassurance experience, we aim to offer a comprehensive suite of product solutions and best in class servicing, leveraging our investments in technology. We look forward to working closely with the YES BANK team for the benefit of their customers," said Suresh Badami, Executive Director, HDFC Life.

Life insurance is an important financial tool for covering the risk of mortality, morbidity and longevity. Every individual with responsibilities needs adequate life insurance to ensure that their family is financially protected in their absence, the insurer said in its release. It also thanked the robust multi-channel distribution set up and strong diversified network, HDFC Life can offer life insurance solutions at scale.

"We are extremely excited to partner HDFC Life to offer our growing customer base access to HDFC Life's comprehensive and innovative product suite – through a shared commitment to make a difference in their lives by addressing their unique insurance needs. In addition to the strength of the products, HDFC Life and Yes Bank will continue to focus on strengthening the digital and technology platforms to provide differentiated customer experience," said Rajan Pental, Global Head - Retail Banking, YES Bank.

HDFC Life has always had a customer-centric approach. The Company's flagship products are designed keeping in mind different customer needs and can be purchased both offline as well as online. HDFC Life's claims intimation process is available online. Customers and claimants can avail the services without having to step outside their homes.

The company is facilitating a smooth and seamless experience for all. The company has settled 99.07 per cent claims last year. It has settled 99.96 per cent of non-investigative claims in Q4 FY20 through hassle-free claim settlement in 1 day.