Partnership between Apollo Munich and Canara Bank

Posted by Aman / on 02/27/2014 / 0 Comments

On 7th of October, Apollo Munich entered into a tie-up with Canara Bank. Apollo Munich is a joint venture between Apollo Hospitals Group and Munich Re. The formal launch of this prestigious partnership took place at a ceremony in Bangalore. This partnership is a result of prolonged extensive discussions between both parties who have finally decided to work together. Through this tie-up, the bank shall be distributing Apollo Munich Health Insurance products in over 4,200 branches, which will be acting as a corporate agent for selling these products. This tie-up is also being called a bancassurance tie-up, which means the distribution of insurance products through a bank's network.

In six years of existence, such a tie-up is first of its kind for Apollo Munich. This makes it yet another pioneering step in the field of insurance and in the history of Apollo Munich Health Insurance. The CEO of Apollo Munich Health Insurance, Antony Jacob, is proud of this great achievement and comments that, "Canara Bank marks the first in what I expect will be an illustrious group of partners we will work with, as we continue our foray into Bancassurance." And, from this bancassurance partnership, in the following one year, Canara Bank sets a target to earn a fee based income of Rs 100 Crore.

The Chairman and Managing Director of Canara Bank, R. K. Dubey, said that, they have tied up with Apollo Munich Health Insurance to put forward health insurance products to their huge customer base. Apart from this, they shall also be presenting their customers with custom-made products. Nevertheless, as of now, the bank has a fee-based income beginning with the sales of insurance policies for a sum of Rs 15 Crores.

Here, it is worth mentioning, that both the parties, Apollo Munich Health Insurance and Canara Bank will be working together under a Corporate Agency Model. And, Apollo Munich is working on developing products that are exclusively meant for Canara Bank Customers. Though these products are still in the pipeline, it can be said that they are surely progressing at every stage.

The teams developing these products are busy in recruiting and training of sufficient staff, which would later provide the much needed assistance for these products later on. Furthermore, state-of-the-art technology is being installed so as to ensure the success of this coalition. Apollo Munich Health Insurance, CEO Antony Jacob also said that, "Apollo Munich is committed towards working with the bank in order to ensure excellent training, product support and smooth operational processes, so that the customers can enjoy an uncomplicated health insurance products and services".

Apollo Munich Health Insurance is a well-known company in the field of health insurance. It is known for offering innovative health, travel and accident insurance solutions to the citizen of India. Its motto is, "Lets Uncomplicate", which is followed diligently. One can see this in all its plans and policies that are written in the most simplest of languages. They make sure that minimal insurance jargons are used, which in turn, helps an individual in understanding an insurance policy without any hassles. Moreover, it is very crucial for an individual who is buying insurance, that he or she clearly understands what an insurance policy states. Along with this, an individual should also be aware about the benefits as well as coverage options being offered by any given insurance policy.

Apollo Munich meticulously continues to work towards its mission, which is to keep on introducing innovative health insurance and wellness solutions that meet customer needs. Along with this, it also aims at building an organization on the principles of transparency, trust and integrity, as well as creating opportunities for its employees to learn as well as grow in an enjoyable work culture. The insurance plans offered by Apollo Munich are available at an affordable premium, thus making it easier for individual to opt for any sort of insurance plan.

Furthermore, it does not burden its buyers and thus there is no extra charge for claim-based loading, no co-payment and no sub-limit. Instead, understanding that medical care costs are soaring to new heights, it offers its customers benefits like life-long policy renewals, cashless treatment across its 4500 network hospitals, and also coverage for 144 daycare procedures, domiciliary treatment, etc.

It is worth noting that, the insurance plans designed by Apollo Munich caters to the ever changing needs of an individual. This in turn helps an individual in availing best of medical care practices that too at a considerably lower price. Today, medical care costs have gone up at an alarming rate, due to which it is becoming difficult for a common man to avail even basic medical care, when in need. In such a situation, health insurance plays a major role in supporting an individual when he or she faces any sort of medical emergency.

For Canara Bank customers, Apollo Munich Health Insurance offers two of its flagship products. One is Easy Health and the other is Optima Restore. Both of them are one of a kind product in the insurance market and both of them offer an individual with complete health coverage at an affordable premium. The benefits offered by Easy Health Plan are in-patient treatment, coverage for pre as well as post hospitalization medical expenses, ayush benefit, etc. Along with the benefits its offers, there is an additional optional benefit too. According to which, an individual can opt for the coverage of any of the eight enlisted critical illnesses at a nominal extra cost.

When talking about Optima Restore, it surely is an unbelievable plan, wherein the entire sum insured is reinstated in case it gets exhausted within the policy tenure. Furthermore, in case an individual makes no claim for two years straight, the sum insured gets doubled without any increase in its premium.

Apollo Munich Health Insurance and Canara Bank tie up is yet another milestone towards providing masses with a healthier future and best of health insurance facilities.


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