Reliance Insurance inks deal with UCO Bank
UCO Bank is the first public sector bank with which the company had entered into a bancassurance tie up.
By PTI |
KOLKATA: Reliance General Insurance Company Limited, a part of the Anil Dhirubhai Ambani Group, has entered into a tie-up with UCO Bank for selling personal accident insurance products through the bank's network across the country.
Chief Executive Officer of Reliance General Insurance K A Somasekharan said UCO Bank was the first public sector bank with which the company had entered into a bancassurance tie up.
He said the company had earned a premium income of Rs 378 crore till date in the current financial year.
Under the arrangement, UCO Bank depositors would be covered under the personal accident insurance scheme at a one-shot premium of Rs 6.99 for Rs one lakh.
The sum assured may go in multiples of Rs one lakh to a maximum amount of Rs five lakh.
He said Reliance General was also talking with other nationalised banks as well for bancassurance tie-ups.
UCO Bank Chairman and Managing Director V Sridar said the target income from third party distribution during the current financial year had been fixed at Rs 20 crore.
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