Syndicate Bank and Tata AIG tie up for insurance solutions

Bangalore: Syndicate Bank has tied up with Tata AIG Life Insurance Company in order to make available an insurance solution to those customers who are covered under the financial inclusion programme across all its branches in the country. According to the agreement, Syndicate Bank has to offer Tata AIG Life's group insurance product Tata AIG Life Group Term Life at an attractive rate.

Do you pacify your kid with your tablet?

	Yes
	No

   View result

The product looks after the needs of rural mass markets and economically weaker sections of the society. A life insurance cover upto 25, 000 can be availed by the customers of Syndicate Bank at an affordable premium.

Ravi Chatterjee, Executive Director of Syndicate Bank, said,"In the line with our financial inclusion initiatives we continue to develop products and services that meet the need of this segment."

1,493 villages with a population of more than 2,000 have been allotted to the bank under the financial inclusion plan which are to be covered before March 31, 2012, of which 439 villages are in Karnataka. In the first phase 750 villages will be covered before March 31, 2011. The bank has so far opened 316,000 accounts under financial inclusion during this financial year.

Dedicated micro- insurance products for lower income communities in rural India have been launched by Tata AIG Life which is one of the first life insurance companies in the country to do so."Under this initiative, the life insurer expects to cover about 500,000 customers in the current financial year" said M Anand, Senior Vice-President and Head - Alternate Channels, Tata AIG Life.