Canara Bank is targeting to earn a fee based income of Rs 100 Crore from this bancassurance business in the following one year. It is basically the distribution of insurance products through a bank's network.
Antony Jacob, CEO Apollo Munich, applauds this great achievement by stating, “Canara Bank marks the first in what I expect will be an illustrious group of partners we will work with, as we continue our foray into Bancassurance.” In addition to this, Canara Bank, Chairman and Managing Director, R K Dubey, stated that, they have tied up with Apollo Munich Health Insurance to offer health insurance products to their respective customers. Along with this, they shall also be offering their customers with a few tailor-made products. However, as of now, the bank has a fee-based income commencing with the sales of insurance policies for an amount of Rs 15 Crore.
Apollo Munich Health Insurance and Canara Bank will be working together under a Corporate Agency model. Apollo Munich has also developed some exciting products that are exclusively meant to facilitate Canara Bank customers. Furthermore, these exclusive products are still in pipeline and are progressing at every stage. Their respective teams are also running very busy so as to ensure that they recruit and train sufficient staff, which would provide all the much needed support. In addition to their efforts, they are also deploying some state-of-the-art technology to ensure the success of this alliance. Antony Jacob, CEO Apollo Munich also stated that, "Apollo Munich is committed to work with the bank to ensure excellent training, product support and smooth operational processes, so that customers enjoy uncomplicated health insurance products and services".
Apollo Munich is a famous brand in the insurance market and it is well known for offering wide variety of innovative insurance solutions to the masses. It offer products not only for health insurance, but also provides numerous plans for travel as well as accident insurance. In almost all its plans, there is no charge for claim-based loading, no co-payment and no sub-limit. Furthermore, it offers its buyers with benefits like life-long renewals, cashless treatment across all its 4500 network hospitals, coverage for daycare procedures, domiciliary treatment, etc.
The plans offered by Apollo Munich are designed in such a manner that they cater to the ever changing needs of an individual. Along with this, all its products are available at an affordable premium. This helps an individual in availing best of medical care practices at significantly lower prices. In times when medical care costs are soaring to new heights, having such insurance products surely gives a respite from inflated medical bills. Apollo Munich has constantly been working towards introducing innovative health insurance and wellness solutions that meet its customer needs.
For the esteemed customers of Canara Bank, Apollo Munich Health Insurance offers two of its flagship products. One is Easy Health and the other is Optima Restore. Both these products provide a person with comprehensive health coverage at affordable premium. Under Easy Health, an individual gets coverage for pre-hospitalization, post-hospitalization, in-patient treatment, domiciliary treatment, day-care procedures and ayush benefit. Along with these benefits, this particular insurance policy also offers some additional benefits like coverage for maternity expenses, outpatient dental treatment, contact lenses, hearing aid, spectacles, e-opinion in case of critical illness. Easy Health also provides certain other benefits too, under which it offers coverage for eight critical illnesses, which is completely optional. Along with this, it makes provision for cumulative bonus, free health check-up and the most sorted after tax benefit under section 80D of the Income Tax Act.
Optima Restore is yet another flagship product Apollo Munich has in list for Canara Bank customers. This very plan is truly and completely unbelievable. The benefit it offers is that of doubling an individual’s sum insured if there has been no claim for past two years. Furthermore, it also reinstates the entire sum insured, in case it gets exhausted within the tenure. This insurance plan is one of a kind in the entire insurance market. It is very unique and offers an unbelievable benefit.
Apollo Munich dedicatedly works towards providing people with insurance plans that are written in uncomplicated language. It has been trying to reduce the usage of typical insurance jargons in its policies and mostly it restrains itself from using insurance terminology, so that an individual is able to understand the policy without facing any great difficulty. As it understands that when any individual decides to buy any given health insurance policy, he or she has complete right to know what is the kind of coverage and benefits that are being offered in lieu of their hard earned money. Insurance is an investment decision one makes in order to secure his or her future wellbeing.
Apollo Munich has been constantly making efforts to offer people with innovative health, travel as well as accident insurance solutions. Furthermore, it is a standalone health insurer offering innovative insurance solutions all across India. This tie-up between Apollo Munich Health Insurance and Canara Bank is yet another step towards reaching out to the masses and offering them with best of insurance facilities.