Canara Bank has inked pact with the state-owned general insurer The New India Assurance Co to sell policies through its branches. The Bengaluru headquartered public sector lender said this corporate agency distribution tie-up will make available general insurance products from over 6,000 Canara Bank branches in the country.
“Under this strategic agreement, The New India Assurance Co Ltd will offer leading general insurance products to the customers of Canara Bank,” the bank said in a release. The tie-up will offer personal products such as motor insurance, home insurance, health insurance, travel insurance besides commercial policy coverages like fire insurance, marine insurance and engineering insurance.
“The partnership aims to provide best-in-class general insurance products to Canara Bank customers at highly competitive rates,” the lender said. Canara Bank’s extensive network of branches along with the insurance company’s product lines will help further the cause of insurance penetration as well as smooth post sales service of policies, it added.