CUB ties up Bancassurance with Aditya Birla Well being, Bajaj Allianz Life Insurance coverage and Royal Sundaram Basic Insurance coverage
- All Type News
- on Jul 26, 2022
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Metropolis Union Financial institution (CUB)An previous personal sector lender has shaped bancassurance partnerships with the next insurers:
I, Aditya Birla Well being Insurance coverage Firm Restricted (ABHICL)
ii.Bajaj Allianz Life Insurance coverage Firm Restricted (Bajaj Allianz Life)
iii. Royal Sundaram Basic Insurance coverage Firm Restricted (Royal Sundaram)
- CUB has shaped this partnership to supply well being, life and normal insurance coverage choices to its prospects.
open structure of Insurance coverage Regulatory and Growth Authority of India (IRDAI) The RBI has allowed banks to tie up with three corporations every for normal insurance coverage, life insurance coverage and medical health insurance.
Remark – CUB has tie-up with eight insurers – three every in life [LIC, Tata AIA and Bajaj Alliance] and well being [Star Health, Aditya Birla and Care Insurance] and two normally insurance coverage [Shriram General and Royal Sundaram],
Cubs and Aditya Birla Well being Inc. Bancassurance Pact
cubs and Aditya Birla Well being Insurance coverage Firm Restricted (ABHICL), the medical health insurance arm of Aditya Birla Capital Restricted, has entered right into a bancassurance partnership for distribution of ABHICL’s medical health insurance merchandise by CUB’s community of branches in India.
- Star Well being & Allied Insurance coverage Co., Ltd. That is CUB’s third partnership within the medical health insurance sector after signing the same bancassurance partnership with & Care Well being Insurance coverage (earlier often called Religare Well being Insurance coverage Firm).
- That is the 14th association of ABHICL with a financial institution for bancassurance partnership.
I, As per the settlement, ABHICL’s vary of medical health insurance plans may have entry to over 4.4 million CUB prospects throughout 727 branches throughout 153 districts in India.
- Through the monetary yr 2021–2022 (FY22), CUB’s medical health insurance partnership earned Rs. Income of 4-5 crores.
ii.A few of ABHICL’s revolutionary well being plans that might be out there to CUB prospects embody: Day 1 protection for Bronchial asthma, Hypertension, Excessive Ldl cholesterol and Diabetes; wellness teaching on diet and health; psychological well being counseling; Wellness advantages with incentives of as much as 100% of well being advantages; and an older administration program amongst others.
iii. CEO of Aditya Birla Well being Insurance coverage Firm Restricted (ABHICL) – Mayank Bathwal
cub builds strategic partnership with Bajaj Allianz Life Insurance coverage
cubs and Bajaj Allianz Life Insurance coverage Firm Restricted (Bajaj Allianz Life), a personal life insurer, has entered right into a strategic partnership to supply quite a lot of life insurance coverage options to the present and potential prospects of CUB by its 727 branches.
I, By way of this partnership, CUB prospects will be capable of meet their long-term monetary targets by investing in Bajaj Allianz Life’s value-packed merchandise comparable to time period, financial savings, retirement and funding options.
ii.This partnership will allow Bajaj Allianz Life to ascertain a foothold within the southern states and past.
iii. CUB has additionally partnered with two different life insurance coverage corporations: Life Insurance coverage Company (LIC) and Tata AIA Life Insurance coverage Firm Restricted.
iv.Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance coverage
- Bajaj Allianz Life is a partnership between Bajaj Finserv Restricted, certainly one of India’s most diversified non-banking monetary establishments, and Allianz SE, the world’s main asset supervisor and insurer headquartered in Munich, Germany.
CUB Companions Royal Sundaram Basic Insurance coverage
CUB has additionally shaped a bancassurance tie-up with the final insurer Royal Sundaram Basic Insurance coverage Firm Restricted (Royal Sundaram). This partnership will allow CUB prospects to entry Royal Sundaram’s normal insurance coverage merchandise at their branches
I, The vary of normal insurance coverage merchandise supplied by Royal Sundaram contains insurance coverage in opposition to hearth, marine, industrial and different dangers in well being, motor, private accidents and journey in addition to house insurance coverage in retail and below business strains.
- With this, CUB has taken a step in direction of turning into a one-stop store for all monetary wants of its prospects.
ii.Just lately, CUB has signed a Company Company Settlement with Shriram Basic Insurance coverage Firm Restricted, a Joint Enterprise (JV) between Shriram Capital Restricted and Sanlam Restricted (South Africa).
- As per this association, Shriram Basic Insurance coverage will provide CUB’s prospects each private strains of insurance coverage together with motor, private accident, house and journey, in addition to business strains of insurance coverage together with property, marine and engineering insurance coverage.
iii. MD, Royal Sundaram Basic Insurance coverage Firm Restricted – MS Sridhar
About Metropolis Union Financial institution Restricted (CUB):
Integrated in 1904 as ‘The Kumbakonam Financial institution Restricted’. The title of the financial institution was modified to ‘Metropolis Union Financial institution Restricted’ with impact from December 1987.
MD & CEO – Dr. N. Kamkodi
Institution – 1904
the headquarters – Kumbakonam, Tamil Nadu
TAGLINE – Religion and Excellence since 1904