Aditya Birla Health Insurance & Punjab & Sind Bank signs a Bancassurance Partnership

Published on January 17, 2023
Current Context: The Aditya Birla Health Insurance Co. Ltd. (ABHICL) and Punjab & Sind Bank have formed a bancassurance partnership to distribute health insurance products through the bank's branch network in India.
Aditya Birla Health Insurance & Punjab & Sind Bank signs a Bancassurance Partnership
  • ABHICL is the health insurance joint venture of Aditya Birla Capital Ltd. This partnership will enable ABHICL to expand its national footprint and serve the 1,528 branches and clients of Punjab & Sind Bank (ABCL).
  • The Chief Executive Officer (CEO) of ABHICL is Mayank Bathwal.
  • Key Ideas
    • Through this partnership, Punjab & Sind Bank customers and employees will have access to ABHICL's wide range of health-first insurance plans, which are intended to reward consumers for leading healthy lifestyles. It offers distinctive products like incentivized wellness benefits of up to 100% Health ReturnsTM and a chronic management program with Day 1 coverage for asthma, high blood pressure, high cholesterol, and diabetes; nutrition and fitness wellness.
    • Due to this collaboration, ABHICL has 18 bancassurance partners and over 70,000 direct sales agents operating throughout India.
  • Bancassurance partnership
    • A relationship between a bank and an insurance provider called "bancassurance" aims to provide the bank's clients with insurance advantages or products. In this collaboration, tellers and bank employees operate as the customer's point of contact and point of sale.

Question:

Q.1 Aditya Birla Health Insurance Co. Ltd. (ABHICL) and _________ have formed a bancassurance partnership recently.
a. SBI
b. HDFC
c. Axis Bank
d. Punjab & Sind Bank

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