Religare Health Insurance Co Ltd signed a Bancassurance Agreement with Union Bank of India

Mumbai Sep 12th 2013(Sailesh Gandhi): Health insurance company Religare Health Insurance has tied up with public sector lender Union Bank of India for the latter to Union Bank, which is the first public sector bank to have a bancassurance tie-upwith a health insurance company, will sell products of Religare Health Insurance to customers in its 3,500 plus branches.



Mr. Shachindra Nath, Group CEO, Religare Enterprises Ltd
Mr. Anuj Gulati, MD & CEO, Religare Health Insurance
Mr. D. Sarkar, CMD, UBI Mr. S K Jain, ED, UBI

 

Religare Health Insurance today said its product and service bouquet will now be marketed through the distribution network of Union Bank of India.

 

Religare Health Insurance Co Ltd today signed a corporate agency agreement with Union Bank of India to this effect, a company statement said.  

Union Bank becomes the first PSB to enter into a tie-up for distribution of health insurance products of a standalone health insurer viz Religare Health Insurance, Union Bank of India Executive Director S K Jain said.

Mr. D. Sarkar, CMD, UBI

Anuj Gulati, MD & CEO of Religare Health Insurance said that through this partnership, the company aims to tap the branch network of the bank to reach rural India and deepen penetration.

In early 2013, Insurance Regulatory and Development Authority (Irda) allowed banks to tie-up as corporate agents with one life insurer, one non-life insurer and one standalone health insurer. Earlier, banks were only permitted to tie up with one life and one non-life insurance company. Union Bank holds 5% stake in the health insurance company.

D Sarkar, Chairman and Managing Director, Union Bank of Indiasaid that Religare Heath Insurances health insurance and critical illness insurance products align with their ethos of customer centricity.

While Irda has now also allowed banks to become brokers, not many of them would be interested said industry players. S K Jain, Executive Director of Union Bank of India said that banks may not be presently inclined to become brokers since this guideline required banks to have dedicated personnel qualified in the area of insurance to look after insurance activities.