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Tech firm Vakrangee joins hands with LIC to distribute micro insurance products

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Vakrangee ties up with LICOn May 26, 2020, Vakrangee Limited (VL), a technology company based in Mumbai (Maharashtra), has entered into the Corporate Agency (Registration Code CA0249) partnership with Life Insurance Corporation of India (LIC) to distribute latter’s micro insurance products in unserved and underserved areas through its Nextgen Vakrangee Kendra network spread across India.

Key Points:

i.Vakrangee kendras will also act as a renewal premium collection point for all micro insurance policies of LIC irrespective of whether these policies have been procured at the kendra or not.In addition, Follow up for Collection and remittance of renewal premium of LIC’s micro insurance policies will be enabled at the kendras.

ii.With this tie-up, Citizens across the country will be able to access Micro Insurance products and services offered by LIC through the23,000 kendras (10,000 operational and 13,000 under on-boarding process),which spread acroos 30 states and union territories (UTs).

About Vakrangee Limited:
Managing Director & CEO– Mr. Dinesh Nandwana
It focuses 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 rural, semi-urban and urban markets.

About Life Insurance Corporation of India (LIC):
Headquarters– Mumbai, Maharashtra     
Chairman– M R Kumar