TMB and LIC have entered into an agreement as Bancassurance partners for life insurance.

Tamilnadu Mercantile Bank Limited and Life Insurance Corporation of India have entered into an agreement as Bancassurance partners for life insurance. As per the agreement the bank will market products of LIC through its 243 branches throughout the country.

Speaking to reporters here recently, managing director and CEO of Tamilnadu Mercantile Bank A K Jagannathan said through this Bancassurance tie up, the bank's customers will get the benefit of the wide array of insurance products through 243 branches, 11 extension counters and seven regional offices throughout the country. As LIC is having products for each and every segment of the population and area, it will be a win-win situation for both TMB and LIC of India, he added.

So far the bank has already issued 1586 policies and collected premium of Rs 8.43 crore. Managing director of LIC of India A K Dasgupta said this partnership would take the mission of LIC to a newer height.