Aditya Birla Health Insurance, SVC Bank enter bancassurance tie-up

Aditya Birla Health Insurance Co has tied-up with urban co-operative lender SVC Bank as a corporate agency partner to sell its policies through the bank.

Through this partnership, Aditya Birla Health Insurance will market its retail and group products with innovative features to suit the needs of SVC Bank customers from all socio-economic segments across the country, Aditya Birla Health Insurance Co (ABHICL) said in a statement.

ABHICL said it would also be leveraging SVC Bank's presence and reach to create further deeper penetration in offering their services.

The bank, which is an arm of Aditya Birla Capital, with presence in key cities across India will provide ABHICL a boost towards further strengthening its distribution, it said further.

"Bancassurance tie-up forms an important part ABHICL's growth strategy and the company has been building strong alliances with various banks to enhance its distribution footprint in the country. This tie-up will enable us to leverage SVC Bank's retail and corporate banking pan-India customer base, robust distribution network, strong brand name and legacy of over 100 years," said Mayank Bathwal, CEO, Aditya Birla Health Insurance Co. Limited.

He further added, owing to the huge opportunity and low penetration in the health insurance segment, the company will be able to cover a wide range of customers at SVC Bank.

Ajit Venugopalan, Managing Director, SVC Bank said bank's legacy and service advantage combined with ABHICL will help in delivering new age solutions to customers.

SVC Bank is one of the oldest urban co-operative bank in the country which as set up in 1906.