R ARIVANANTHAM
CHENNAI, JULY 25
118-year old Kumbakonam-based City Union Bank (CUB) on Monday announced that it has signed a Memorandum of Understanding (MoU) to sell Aditya Birla Health Insurance Co Limited (ABHICL) products, a health insurance subsidiary of Aditya Birla Capital Limited (ABCL).
Addressing the media, the century old new generation tech-savvy private bank’s MD & CEO N Kamokodi said that the bank has already selling Life Insurance Products of the public sector LIC, TATA AIG and Bajaj Alliance Insurance. As per the IRDA’s revised rules, the banks have been authorized to have alliance with three Insurance Partners for each in Life Insurance, General Insurance as well as Health Insurance.
Following this, the CUB has already started selling the Health Insurance Products of Star Health insurance, Care Health Insurance and the third one is ABHICL.
When asked about whether the CUB will insist ABHICL to conceptualize exclusive products for its 4.4 million individual/SMEs/MSMEs as well as corporate customers, Dr Kamakodi said that the bank’s motive is to offer affordable, quality and innovative products to its customers.
“After three waves of Covid-19, awareness about Health Insurance policy among the general public has been increased. The bank helped nearly about 4,000 customers to process their Health Insurance claims during Covid and sold nearly 30,000 Health Insurance Policies,” Dr Kamakodi said.
“We are delighted to partner with Aditya Birla Health Insurance Co Ltd and we are of firm belief that partnership will certainly bring best of Health Insurance products to our customers. This Partnership has come at a right time when awareness about the importance of Health Insurance is on the rise in the post pandemic world and we will certainly be able to fulfill the Health Insurance needs of our customers,” added Kamakodi.
- CUB has already started selling the Health Insurance Products of Star Health insurance, Care Health Insurance and the third one is ABHICL
- More than 4.4 million CUB customers spread across over 727 branches to have access to Aditya Birla Health Insurance products.
- This tie-up will pave way for covering asthma, high blood pressure, high cholesterol, diabetes; wellness coaching on nutrition and fitness; counselling on mental health; incentivized wellness benefits of up to 100% Health Returns and chronic management program, etc.
Commenting on the partnership, Mayank Bathwal, CEO – Aditya Birla Health Insurance, said, “We are delighted to partner with City Union Bank, the oldest private sector bank in India which has a significant presence in South India. The Bancassurance partnership will expand our reach and enable us to leverage City Union Bank’s robust network in Tamil Nadu and other southern states. The partnership will help Aditya Birla Health Insurance to further unchain the insurance market in tier II and tier III cities and increase insurance penetration in the country. It will also enable the Bank’s customers to choose from our comprehensive product portfolio and also benefit from our ‘Health First’ offerings.”
Through the alliance with City Union Bank, Aditya Birla Health Insurance’s comprehensive suite of Health insurance plans will be available for purchase to more than 4.4 million+ customers of the Bank across 727+ branches in 153 districts.
The Bank’s customers will have access to ABHICL’s industry-first innovative solutions such as, Day 1 cover for asthma, high blood pressure, high cholesterol, diabetes; wellness coaching on nutrition and fitness; counselling on mental health; incentivized wellness benefits of up to 100% Health Returns and chronic management program, etc.
