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Bancassurance
With an object to increase its fee-based income Allahabad Bank has entered into
Corporate Agency tie-up with the leading insurance companies in both life and non-life
(general) insurance segment for distribution of various insurance products through
Branch outlets.
The alliance with M/S National Insurance Co. Ltd. (NICL) was entered into by Allahabad
Bank in March 2003 for promotion of non-life (general) insurance products. On 1st July
2004, the Bank tied-up with Life Insurance Corporation of India (LICI) for promotion of
life insurance products.
The Bank has also tied-up with ECGC (Export Credit & Guarantee Corporation) in February
2004 for selling of export credit insurance products through selected branches.
Under the Corporate Agency tie-up with NICL, LICI & ECGC the Bank has deployed its own
Officers across the country for marketing of insurance products. These
Officers have successfully completed the necessary training and tests on insurance as
specified by the Insurance Regulatory & Development Authority (IRDA) and obtained IRDA
license to carry on insurance business.
As a part of the Bancassurance initiative, Allahabad Bank has also come out with the
following insurance linked products, in tie-up with the above insurance companies.
- Al-Ayushman Bima Yojana in tie-up with LICI - The Scheme provides life insurance cover
upto Rs. 1.00 lac to the savings Bank/Current/Fixed Deposit
Account Holders at a very nominal premium
- Free Personal Accident Insurance cover of Rs. 1.00 lac provided in tie-up with NICL to
all ATM cum Debit Card holder and Savings Bank Depositors maintaining a minimum average monthly balance of Rs. 5000/-
only.
Mutual Fund
Allahabad Bank has also entered into a Corporate Agency tie-up with UTI Mutual Fund, Principal Pnb,
Kotak Mahindra Mutual Fund, Reliance Asset Management Limited
to boost fee-based income through distribution of mutual fund products from
the Bank's Branches. For this, the Bank has posted Officers all over the country. These
Officers have been duly certified by the AMFI (Association of Mutual Funds of India) for
promoting mutual fund business after they have successfully cleared the training and tests
as prescribed by the AMFI.
Click here to download the list of officers
looking after Bancassurance and Mutual Fund Business |
