CURRENT AFFAIRS

Detailed explanation-1: -AU Small Finance Bank on Friday announced that it has entered into a corporate agency arrangement with HDFC Life for soliciting insurance plans of HDFC Life through the bancassurance business model.

Detailed explanation-2: -HDFC Life distributes its products through a multi-channel network consisting of Insurance agents, Bancassurance partners (HDFC Bank, Saraswat Bank, RBL Bank), a Direct channel, Insurance Brokers, MFIs (Micro Finance Institutions), SFBs (Small Finance Banks), etc.

Detailed explanation-3: -HDFC Life Insurance Company Limited is a joint venture between HDFC Ltd., one of India’s leading housing finance institution and Standard Life Aberdeen, a global investment company.

Detailed explanation-4: -HDFC Life announced earlier this year that it had acquired a 100 percent ownership in Exide Life from its parent Exide Industries after issuing over 8.7 crore shares at an issue price of Rs 685 and a cash payout of Rs 726 crore, aggregating to Rs 6687 crore.

Detailed explanation-5: -HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer.