Mumbai, July 29 (IANS): Life Insurance Corp (LIC) and private sector Axis Bank on Friday jointly announced a tie-up to sell LIC products, creating one of the largest bancassurance partnerships in India.

Under a memorandum of understanding (MoU) signed between the two, Axis Bank branches will be selling LIC policies, a joint statement here said.

"The largest bancassurance partnership in the country after open architecture," the statement said, referring to the norms liberalised in 2013-14 by which banks were allowed to sell products of multiple insurance companies.

In the initial phase, Axis Bank branches in West Bengal, Bengaluru and Panchkula in Haryana will start selling LIC products.

"The coming together of the two major reputed organisations would enable them to combine and utilise the synergies for enhancing customer satisfaction," LIC Executive Director (Bancassurance) Mukesh Gupta said. 

"Over the past five years, the life insurance business at Axis Bank has grown at a CAGR of over 25 per cent. The partnership with LIC would enable us to further expand our existing bouquet of offerings," it said, citing Axis Bank Head (Retail Banking) Rajiv Anand.