IDBI Bank
to distribute Tata-AIG products
Our Correspondent
6 October 2001
Mumbai: The IDBI
Bank-promoted corporate agency,
IDBI Bank Insurance Consultancy Service, will distribute Tata-AIG’s
general insurance products through its various channels, including
the bank’s ATMs.
The first product to be
distributed will be Tata AIG’s personal accident cover,
Futureguard. “This is a simple product and does not require much
explaining to be done,” said Tata-AIG MD Dalip Verma. To begin
with, customers will have the option of depositing the proposal
form along with the cheque at two dedicated ATMs, at Nariman Point
and Prabhadevi, Mumbai. Later on, the bank plans to allow
customers to key in instructions at most of the ATMs authorising
instant debit with the ATM.
IDBI Bank MD Gunit Chadda
said the bank already has a sizeable business in distribution of
financial products such as mutual funds and RBI bonds. “We are
looking at insurance as a key area and is training our employees
towards this end. We, however, have not taken any decision on
distribution of life insurance products yet.”
He said as and when
insurance regulations allow intermediaries to distribute the
products of multiple companies by allowing brokerage firms, the
bank would look at the brokerage business.
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