Karnataka Bank Signs Pact With HDFC Life To Provide Insurance Products

Karnataka Bank Ltd. has entered into a strategic corporate tie-up with HDFC Life Insurance Co. to provide products to its customers.

Through the partnership, it plans to provide innovative and customer-friendly solutions to those who are in search of financial security and life protection, the bank said in an exchange filing on Monday.

This collaboration will help in improving the services and products that are provided to the public, said Srikrishnan H., managing director and chief executive officer of Karnataka Bank.

"It reflects our dedication to providing holistic financial solutions through our wide distribution and digital network and ensuring the well-being and security of our customers and their families," he said.

"Life insurance is the first step towards financial planning, and we believe it is a must-have for every individual with responsibilities. With our rich experience in managing bancassurance partnerships, we aim to offer a comprehensive suite of product solutions and best-in-class servicing, leveraging our investments in technology," said Vibha Padalkar, managing director and chief executive officer of HDFC Life.

Shares of Karnataka Bank closed 0.76% higher at Rs 219.90 apiece, as compared with a 0.21% fall in the benchmark BSE Sensex.