India’s second largest private insurer by new business HDFC Standard Life Insurance has tied up with Indiabulls Housing Finance Ltd for a corporate agency agreement. As part of the tie up Indiabulls Housing Finance will distribute HDFC life retail insurance products to its customers.
Corporate agents are entities that solicit insurance policies for insurers. Agents are individuals doing the same job. Last year the insurance regulator IRDA had paved the way for an open architecture allowing corporate agents such as banks and non-banking finance companies to offer insurance policies of more than one insurance company. Indiabulls Housing already provides its home loan and loan against property buyers with ‘Credit Protect Plus’ group policy of HDFC life.