Private life insurer, Tata AIA Life Insurance has tied-up with City Union Bank to offer life and health insurance to bank’s customers. The life insurer said in a statement, this partnership will help City Union Bank consumers (existing and new) to benefit from Tata AIA Life’s diverse and innovative products and services spanning term insurance, savings and investment, retirement, and health. It 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, the life insurer said.
City Union Bank is a. century old scheduled commercial bank headquartered in Kumbakonam in Tamil Nadu with a network of 727 branches.
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.”