Public lender Bank of Baroda and Max Bupa, a specialist health insurer, on Saturday put in place a bancassurance corporate agency agreement. As part of the tie-up, Max Bupa will offer its comprehensive health insurance offering to the diverse customer base of Bank of Baroda across the country, according to a release here.
This arrangement comes on the back of IRDAI's new bancassurance guidelines which permit banks to tie up with multiple insurers to distribute insurance products to bolster penetration of health insurance in the country, which is currently between 5-7 per cent.
In the initial phase, Max Bupa will provide simple and customisable product variants, with sum insured ranging from Rs50,000 to Rs1 crore, to 60 million customers of the bank. Bank of Baroda Executive Director Mayank K Mehta said.