New Delhi [India], May 30 : Private lender Federal Bank has tied up with Tata AIA Life Insurance Co to provide its customers access to the insurance companies' products.
Bancassurance refers to the agreement between a bank and an insurance company through which the bank sells the insurance product of the concerned insurance company to its customers.
A joint release on Thursday said Federal Bank has an extensive network, which will enable Tata AIA to further strengthen its footprint.
Federal Bank's customers can now avail Tata AIA's life insurance solutions. Life insurance in India still remains underpenetrated, and it holds immense potential.
"This partnership aims to bring the best of insurance products to our valued customers. It is a well-known fact that the penetration of insurance amongst Indian consumers is low, and through this partnership, the Bank aims to enhance financial security and wealth management for our customers," said Shalini Warrier, Executive Director, Federal Bank.
Ramesh Viswanathan, Chief Distribution Officer- Bancassurance, Tata AIA Life Insurance, said, "We are delighted to enter a long-term relationship with a reputed and technology savvy bank like Federal Bank."
This association, Viswanathan said, will enable them to offer its diverse insurance solutions to the bank's customers, empowering them to fulfil their aspirations and secure their loved ones.
Federal Bank has a network of about 1,504 banking outlets. it has offices in Dubai and Abu Dhabi that serve non-resident Indian customers in the UAE. UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).
The Bank's total deposits plus loans stood at Rs 4.62 lakh crore as of March 2024.
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