IDBI Bank enters Bancassurance Corporate agreement with Tata AIG: How customers may benefit

IDBI Bank Ltd has entered into a Bancassurance Corporate Agency agreement with Tata AIG to provide latter's suite of general insurance products, specially designed to mitigate the varied risks and offer financial protection against unforeseen eventualities to the bank's 20 million customer base, through its 1,850 plus branches. The product portfolio comprises Tata AIG's flagship Health product - ‘Medicare’, Motor Insurance, Personal Accident cover, Home content, Critical Illnesses, Group Medicare, SME Insurance, Locker Insurance, Travel Insurance, Long term Fire  Insurance, Group Credit Secure Plus, besides a host of other consumer and commercial lines’ solutions to meet the diverse needs of individuals and businesses alike.

Commenting on the collaboration, Rakesh Sharma MD & CEO, IDBI Bank said, "Keeping in mind our customer interests, we are glad to partner with Tata AIG General Insurance Company Limited, one of the leading private player in General Insurance segment and India’s most trusted brands. With evolving customer needs and expectations, we are looking forward to this strategic partnership to strengthen the product proposition for our customers and offer them a one-stop access to an array of best-in-class general insurance products and exemplary service levels that Tata AIG are known for in the market. It would also help deepen the awareness and understanding of our customers about the essential risk mitigation needs of general insurance covers, for themselves, their families, their properties, assets or businesses."

Commenting on the partnership, Neelesh Garg, MD & CEO, Tata AIG General Insurance Company Limited said, “With a strong network of alliances in the banking ecosystem already in place, we are confident that IDBI’s customer centricity and extensive reach will complement our capabilities in innovative product placements and industry best claims servicing to enhance the overall value offering for the Bank’s customers.”