Apollo Munich Health Insurance expands its bancassurance channel with Dena Bank

To offer customized health insurance and personal accident solutions to over 20 million bank customers

New Delhi, February 27, 2017: Leading standalone health insurer, Apollo Munich Health Insurance is expanding its footprint across the country with its latest bancassurance tie up with state-owned Dena Bank, to distribute customized health insurance and personal accident policies to the bank's 20 million customers nationwide.

Antony Jacob_CEO_Apollo Munich Health Insurance

Apollo Munich Health Insurance has developed specialized health insurance solutions with distinctive benefits and an uncomplicated application process, exclusively for Dena Bank customers. The health insurance policies will be available in the form of individual, as well as family floater plans with flexibility in sum insured beginning with Rs. 2 lakhs, upto a limit of Rs. 10 lakhs. Additionally, as a unique proposition this plan will also offer an equal amount of Personal Accident cover as per the chosen sum insured. The customized, comprehensive plan will include benefits such as in-patient hospitalization, pre and post hospitalization, daycare procedures, domiciliary treatment, Ayush benefit and various customer friendly features. This policy aims to enable policyholders to avail hassle-free cashless healthcare treatments at 4,500+ partner hospitals across the country, without entailing any co-pay or sublimit.  

Antony Jacob, Chief Executive Officer, Apollo Munich Health Insurance said, “Since our first bancassurance tie up in 2013, we have seen a growing trend in the number of people buying health insurance policies through their banks as a result of the specialized features and the heightened awareness of the benefits of health insurance. Our tie-up with Dena Bank helps to strengthen our vision to be a trusted leader in the health insurance sector by providing innovative solutions to the citizens of the country. Dena Bank’s philosophies and ethos resonate with our philosophy of customer centricity and trust. We are looking forward to working closely with Dena Bank to make quality healthcare accessible for their customers with our uncomplicated, comprehensive and customized plans.”

Speaking on the occasion, Shri Ashwani Kumar, Chairman & Managing Director - Dena Bank, said “We are delighted to partner with Apollo Munich Health Insurance for bringing best-in-class health insurance products to our customers. The partnership will greatly benefit our banking customers and help Apollo Munich Health Insurance access a wide potential customer base. Through this partnership, both Dena Bank and Apollo Munich Health Insurance seek to fulfil the health insurance needs of customers."

Apollo Munich has bancassurance partnerships with eminent banks such as Canara Bank, Indian Overseas Bank, Axis Bank and Citibank. These partnerships have significantly strengthened the insurer’s reach over the last three years in India.