Vakrangee ties up with LIC for micro insurance products
Vakrangee ties up with LIC for micro insurance products

Vakrangee ties up with LIC for micro insurance products

  • Vakrangee announced Corporate Agency (Registration Code CA0249) tie up with Life Insurance Corporation of India (LIC) to distribute Micro Insurance products through Nextgen Vakrangee Kendra network.
  • Tie-up with Life Insurance Corporation of India, which has a strong product portfolio with adequate and flexible products to cater to all kinds of customer needs will support especially in unserved and underserved areas.
  • Vakrangee shall provide the Solicitation and sale of the LIC’s micro insurance products. Further it also includes, Follow up for Collection and remittance of renewal premium of LIC’s micro insurance policies.
  • Further, renewal premium collection for all micro insurance policies of LIC will be enabled at Vakrangee kendras irrespective whether these policies have been procured at the kendra or not.
  • Vakrangee currently has more than 23,000 kendras (10,000 operational and 13,000 under on-boarding process) spread across 30 states and union territories, 500 districts and 6,150 postal codes.
  • More than 70 per cent of these outlets are in tier 5 and 6 towns. Vakrangee’s planned target is to reach at least 25,000 next-gen kendras by the year-end.

About Vakrangee- 

  • Vakrangee is a technology-driven company focused on building a network of last-mile retail outlets to deliver real-time banking and financial services, ATM, insurance, e-governance, e-commerce and logistics services to the unserved rural, semi-urban and urban markets.
  • Founded – 1990
  • Headquarters– Mumbai
  • Managing Director & CEO– Mr. Dinesh Nandwana

About LIC –

  • Life Insurance Corporation of India (abbreviated as LIC) is an Indian state-owned insurance group and investment corporation owned by the Government of India.
  • Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.
  • Founded – 1st September 1956
  • Headquarters– Mumbai
  • Managing Director– T C Suseel Kumar
  • Chairman – M R Kumar

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