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India private sector lender Federal Bank has entered a bancassurance partnership with Tata AIA Life Insurance, aiming to offer a wide range of life insurance products to its customers.
The collaboration is set to leverage Federal Bank's extensive network to enhance Tata AIA's market presence.
Federal Bank executive director Shalini Warrier said: “We are pleased to announce a strategic Corporate Agency Bancassurance partnership with Tata AIA Life Insurance Company.
“This partnership aims to bring the best of insurance products to our valued customers. The coming together of these two revered brands reflects our commitment to always exceeding customer expectations.”
The alliance is poised to benefit Federal Bank's customer base by providing access to Tata AIA's diverse portfolio of life insurance solutions, including term insurance, savings and wealth creation plans, as well as retirement and pension solutions.
Customers can also take advantage of products such as Param Rakshak, which provides a combination of high life cover, market-linked returns, and health and wellness benefits.
Tata AIA Life Insurance is a joint venture between Tata Sons and AIA Group.
Tata AIA Life Insurance bancassurance chief distribution officer Ramesh Viswanathan said: “At Tata AIA, our endeavour is to partner with our consumers, giving them access to best-in-class life insurance solutions, backed by an empathy-led service experience, to enable them to live a fikar-free life.
“We are delighted to enter a long-term relationship with a reputed and technology-savvy bank like Federal Bank. This association will enable us to offer our diverse insurance solutions to the bank's customers, empowering them to fulfil their aspirations and secure their loved ones across all stages of life.”
"India’s Federal Bank and Tata AIA Life form bancassurance alliance" was originally created and published by Life Insurance International, a GlobalData owned brand.
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