From Our Special Correspondent
Daijiworld Media Network - Bangalore
Bangalore, Jan 25: Syndicate Bank entered into a tie up with Tata AIG Life Company on Tuesday and launched a micro-insurance product for its customers under Financial Inclusion (FI) programme across all its FI branches.
Syndicate Bank Executive Director Ravi Chatterjee launched the product at Mayasandra village of Anekal Taluk Bangalore Urban district.
Under the agreement, the bank customers can avail of a life insurance cover up to Rs. 25000 at an affordable premium. The product caters the needs economically weaker sections of the society, according to a press release issued by the bank.
Under the FI plan, the Bank has been allotted 1493 villages with population of more than 2000 to be covered before March 31, 2012. Of these 439 villages are in the State.
In the first phase 750 villages would be covered before March 31, 2011. So far, the Bank has opened 3.16 lakh accounts.
``In the line with our Financial Inclusion initiatives we continue to develop products and services that meet the need of this segment. The partnership with Tata AIG Life will enable us to provide the much needed life insurance cover at an affordable cost to vast sections of disadvantaged and lower income groups,” Ravi Chatterjee said,
Tata AIG Life Senior Vice President and Head-Partnership Distribution M Anand, said: “We are extremely happy to join hands with Syndicate Bank to play a role in the bank’s objective of Financial Inclusion and protection to the economically weaker sections of the society. “
Tata AIG Life has always been a socially committed life insurance organization, he said pointing out that it was one the first privately owned insurance companies in country to launch dedicated Micro-Insurance products for lower income communities in rural India.
``Under this initiative we expect to cover about 500,000 customers in the current financial year,” he said.
K Devananda Upadhyaya, General Manager, FI, Syndicate Bank, Corporate office, Bangalore in his address said that besides providing Banking access to this segment the Bank has also introduced several welfare packages and insurance cover being one of them.
G Ramanathan, General Manager, Regional office, Syndicate Bank, Bangalore, was present.