The Hindu Business Line : Syndicate Bank, United India sign pact for health insurance

Speaking to reporters here today, Mr K.M. Shet, acting Chairman and Managing Director of Syndicate Bank, said the arrangement with UIIL would allow the bank to vend the health cover through its branches, under the existing bancassurance scheme.

The product has been customised to meet the client needs of Syndicate Bank, he said.

The policy would be a floater cover, he added. This implied that the insurance cover would be extended to the bank's customer, spouse and two dependent children.

Besides health, the cover would also include accident insurance , Mr Shet said. The cover would be allowed from five years to a maximum of 65 years. Syndicate Bank, he said, was well on its way of achieving the Rs 78,000-crore business targeted for the current year. The bank, up to November, had already achieved Rs 70,000 crore of business, he added. Syndicate Bank's focus on insurance vending has helped it to partially offset the drop in treasury income.

UIIL after signing the bancassurance arrangement with Syndicate Bank has earned a premium of Rs 5 crore during the last four months and was well on its way of achieving the first year target of Rs 10 crore, he said. Syndarogya would allow the bank to exceed the target, he said.

More Stories on : General Insurance | Public Sector Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Rupee stronger; gilt prices up

ICICI Home Fin sees growth from Tier II cities

Terror risk premia sharply down

Syndicate Bank, United India sign pact for health insurance

GDP to grow at 6-6.5 pc, says RBI

IndusInd Bank plans to hike capital by Rs 130-150 crore

Time PM cleared the haze over foreign stake in banks

Catholic Syrian Bank to market SBI MF plans

Dhanalakshmi Bank eyes Dubai

PNB seeks to open office in Dubai

Vijaya Bank plans more city-specific credit cards