Canara Bank targets Rs 100 crore income from bancassurance

Says, they have tied up with Apollo Munich to offer health insurance products to customers

Bangalore-based public sector lender Canara Bank is aiming at a fee-based income of Rs 100 crore from bancassurance business during the next one year. The Bank announced its tie up with Apollo Munich Health Insurance to provide health insurance to Canara Bank customers across the country.

 

R K Dubey, chairman and managing director, Canara Bank said, “We have tied up with Apollo Munich to offer health insurance products to our customers. We will offer some tailor-made products to our customers exclusively.”

 

Currently, Canara Bank’s fee-based income from the sales of insurance policies is to the tune of Rs 15 crore. The bank, in August this year, had entered into a memorandum of understanding with United India Insurance (UII) for distribution of UII's general insurance policies, he said.

 

The health insurance products will be sold through the Bank’s network of 4,200 branches across the country. With its new tie up with United India and Apollo Health, the Bank is aiming at achieving an additional fee-based income of Rs 50 crore during the current year.

 

Antony Jacob, chief executive officer, Apollo Munich Health Insurance said the company is aiming at a growth of 16-17% in premium income at Rs 700 crore during the fiscal 2013-14. The company has covered 4 million policies till now with claim settlement ratio of 98%.