Oriental Insurance and PNB sign banc-assurance agreement
Tuesday, June 8, 2010
, Posted by Unknown at 3:27 AM
bancassurance:meaning
The sale of insurance and other similar products through a bank. This can help the consumer in some situations; for example, when a bank requires life insurance for those receiving amortgage loan, the consumer could purchase the insurance directly from the bank. Some critics feel that bancassurance gives the bank too much control. Bancassurance is not legal in all countries, but it is legal in the United States.
Oriental Insurance Company or OICL and Punjab National Bank or PNB have entered into a banc-assurance agreement and also launched the PNB-Oriental Royal Mediclaim Policy.
The mediclaim policy, which is exclusively for the bank customers, will cover the entire family under one sum insured under one policy. In addition, no medical examination will be required for any age group up to 80 years. The mediclaim cover will be available from INR100,000 up to INR5.4 million with premium for the INR100,000 being INR1,717.
PNB plans to take its mediclaim insurance policy to villages and set up touch points there in order to tap into the potential customer base of these villages. The bank hopes to establish 100,000 touch points by 2013.
Under the banc-assurance agreement, PNB's customers will be to avail the insurance company's products at lesser rates. The agreement will also enable the bank to increase its revenue and provide general insurance products to customers.
PNB, which currently has a presence in nine countries, plans to establish branches in places yet uptapped by other banks. The bank has a customer base of 56 million.
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