Financial Daily from THE HINDU group of publications
Friday, Feb 24, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 24, 2006 |
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Money & Banking
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General Insurance Marketing - New Products & Services NIC hopes to earn Rs 150 cr from bancassurance — Launches co-branded family health insurance policy with Bank of Baroda Our Bureau
HEALTH COVER Dr A.K.Khandelwal, CMD, Bank of Baroda, with Mr V. Ramasaamy, CMD, National insurance Co. Ltd, at the launch of Baroda Health Insurance policy in Mumbai on Thursday. — Paul Noronha
Mumbai , Feb. 23 NATIONAL Insurance Company expects to earn Rs 150 crore from bancassurance this fiscal. Mr V. Ramasaamy, Chairman and Managing Director, National Insurance Company, said that the company's bancassurance tie-ups with 16 banks would yield Rs 150 crore in terms of the premium by the end of the fiscal, 30 per cent higher than the previous year. The company also hopes to secure more tie-ups in the bancassurance space, Mr Ramasaamy said. National Insurance Company on Wednesday launched a co-branded family health insurance policy with Bank of Baroda.The bank had entered into a corporate agency tie-up with the insurance company in June 2004. A similar health product has been offered to Vijaya Bank. The `Baroda Health' policy is a floater policy extended to the account holder, his spouse and two dependant children below 25 years. The sum insured can be availed of by one member of the entire family in a year. The policy will be offered through the bank's 2,700 branches and also through its credit card subsidiary, Bobcards. The premium for the policy begins at Rs 969 for a sum assured of Rs 50,000 and goes up to Rs 6,997 for a cover of Rs 5 lakh. The policy covers pre-existing diseases in the fourth year, provided there is no claim for three consecutive years. It also covers ambulance charges not exceeding Rs 1,000 and provides cashless treatment in 3,000 hospitals. The claims-to-premium ratio of National Insurance Company in the group mediclaim segment is 110 per cent. Bank of Baroda is looking at offering other retail services such as distribution of mutual funds, wealth management and stock broking soon, said bank officials. The bank plans to targets its 26 million customers with the Baroda Health Policy.
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