Karur Vysya Bank ties up with Aditya Birla Health as bancassurance channel

Private sector Karur Vysya Bank today said it has entered into a bancassurance partnership with Aditya Birla Health to provide insurance services to customers.

The lender said it has already partnered with Birla Sunlife Insurance Co Ltd for providing life insurance products to its customers.

"Now we have partnered with Aditya Birla Health Insurance to provide health insurnace products through a similar bancassurance partnership," it said in a regulatory filing.

KVB has, after assessing various options, decided to go with Aditya Birla Health Insurance as one such partner. They offer a combo of compelling product proposition and strong market reputation, which we are certain would appeal to our customers, the bank said in a statement.

"We are sure that this arrangement will be mutually beneficial to both our companies as KVB will be able to add one more service to its bouquet, while ABHICL will be able to access millions of our customers, especially in the Tier I, II and III centres, where KVB has significant presence," P R Seshadri, MD & CEO, Karur Vysya Bank, said.

Mayank Bathwal, CEO, Aditya Birla Health Insurance Company Limited, said: "Owing to the huge opportunity and low penetration in the health insurance segment, we believe through this strategic tie-up and our robust product offering we shall be able to cover wide range of the customers at Karur Vysya Bank.