CHENNAI, July 09 (The CONNECT) - Tata AIA Life Insurance today announced a strategic alliance with City Union Bank (CUB) to offer life and health insurance solutions to the Bank’s consumers.
The arrangement will enable Tata AIA Life to expand its distribution through CUB’s 700+ branches and contribute significantly towards increasing life insurance penetration in the country. Another point of synergy between the two entities is their focus on providing a digitally enabled experience and mobile first solutions to consumers.
Commenting on the tie-up, Venky Iyer, president & Chief Distribution Officer, Tata AIA Life Insurance, said, "We are thrilled to partner with City Union Bank, one of the prominent private sector banks in the country. This partnership will enable us to get our life insurance propositions closer to India’s aspiring citizens. Along with City Union Bank, we are committed to partnering with consumers in their journey towards fulfilling their financial needs such as protection, savings, health, retirement, and wealth creation. We are also keen to provide efficient financial solutions to the large MSME customer base at City Union bank. We truly believe that this partnership will be a win-win for us, City Union Bank and most importantly, the consumers.”
Dr. N Kamakodi, MD & CEO of City Union Bank, said, “We are delighted about our tie up with Tata AIA Life Insurance company, a fundamentally strong and trustworthy organization for soliciting life insurance business. Our partnership with them is sure to offer our consumers the best-in-class life insurance solutions. As life insurance has become a crucial product for every individual, our alliance will enable our consumers to select the top investment solutions for a secured financial future.”
India, with a population over 140 crores, is still in nascent stages when it comes to life insurance. As per estimates, the Indian market only accounts for 1.5% of the world’s total insurance premiums despite the size of its population. Coverage provided by traditional life or health insurance low in the country as most of the population reside in rural areas that have thus far, remained untapped.
This partnership comes at a time when people recognize the significance of having financial protection yet relegate purchase of life insurance to a later stage. Through this association, both partners will be able to promote insurance awareness and financial planning amongst consumers, with ease, across physical and digital consumer facing platforms.