Under the arrangement, the bank will act as a corporate agent for selling the company's products, Apollo Munich Health Insurance Chairman Prathap C Reddy said.
"With Canara Bank's broad network of branches, I am sure that we will be able to ensure that Indians all across the country will have access to health insurance, and thereby, quality healthcare," he said.
Canara Bank with 5 crore customers has over 4,200 branches spread across the country.
Apollo Munich Health Insurance Chief Executive Officer, Antony Jacob said the company has created a suite of unique products for customers of the bank in partnership with the lender.
"We are confident that our products today, and in the future, will be appreciated by the bank's customers. We are eager to get started," Jacob said.
On the occasion, Canara Bank Chairman and Managing Director R K Dubey said "with Apollo Munich, we feel very confident that we will be able to provide our customers with the right products that suit all their present & future healthcare needs."
Apollo Munich Health Insurance is a joint venture between Apollo Hospitals Group and Munich Health, a part of Munich Re.
The company's paid-up capital stood at Rs 308 crore at the end of June, 2013.
Apollo Munich is committed to work with the bank to ensure excellent training, product support and smooth operational processes, so that the customer's enjoy uncomplicated health insurance products and services, Jacob added.