The Life Insurance Corporation of India (LIC) has tied-up with IDFC First Bank Ltd. under a corporate agency arrangement.

Following the agreement, more than one crore customers of IDFC First Bank will be able to buy LIC policies through the bank. The agreement is part of efforts to increase the contribution of bancassurance and in pursuit to provide life insurance coverage to all by 2047, the insurer said in a release on the agreement signed on Tuesday.

The journey of digital on-boarding has already begun and is in development phase. On completion, IDFC First Bank customers will be able to buy LIC policies online by visiting the bank’s website. It is a tech-savvy bank with more than 95% transactions taking place online, LIC said.

The agreement will provide the digital savvy customers of IDFC First Bank a wide choice of attractive products of LIC, Managing Director of the State-owned insurer R.Doraiswamy said.

The combined strength of a network of more than 3,600 branches and satellite offices of LIC and over 1,000 branches of IDFC First Bank would make the process of to increasing the penetration of life insurance across the country easier, the insurer said.