Financial Daily from THE HINDU group of publications
Thursday, Jan 08, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 08, 2004 |
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Money & Banking
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Public Sector Banks Union Bank to sell life insurance products over the counter Our Bureau
Mr V. Leeladhar, CMD, Union Bank of India (right), with Mr Deepak M. Satwalekar, MD & CEO, HDFC Standard Life Insurance Co, at a press conference in Mumbai on Wednesday. — Shashi Ashiwal
Mumbai , Jan. 7 UNION Bank of India is to sell life insurance products over the counter. The State-run bank will sell HDFC Standard Life's new product `Union Suraksha suited for the banking channel' through 750 of its branches to its savings account, current account and fixed account depositors. The bank targets to sell 50,000 policies by the year-end, by tapping on its 13-lakh depositors, said Mr V. Leeladhar, CMD, Union Bank of India, at a press conference held here today. The bank has so far sold 22,000 life insurance policies for a total sum assured of Rs 225 crore and aggregate premium of Rs 16 crore.
The product offers only a risk cover but no investment/savings angle and comes at half the premium amount as compared to a regular insurance policy. A depositor can buy the product by just signing a declaration of health at the bank's branch and the certificate of insurance will be given to him right away, said Mr Deepak M. Satwalekar, MD & CEO, HDFC Standard Life Insurance Co Ltd. In most other products the insurance company, which underwrites the policy examines the application and sends the insurance certificate to the applicant entailing a delay. HDFC Standard Life generates 25 per cent of its business through the bancassurance model. It has entered into tie-ups with four banks to distribute its products, namely, HDFC Bank, Union Bank of India, Indian Bank and Saraswat Bank. The insurance cover of the policy is Rs 1 lakh and an additional Rs 1 lakh in case of an accidental death.
More Stories on : Public Sector Banks | Life Insurance | Alliances & Joint Ventures
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