| Bancassurance
With an object to offer the customers of the bank a one stop shop having an array of varied financial products under one roof and for fulfillment of their diverse needs, Allahabad Bank has entered into Corporate Agency tie-up with the leading insurance companies in both life and non-life (general) insurance segment for distribution of various insurance products through its Branch outlets.
The alliance with M/S Universal Sompo General Insurance Co. Ltd. (USGICL) was entered into by Allahabad Bank in November 2008 for promotion of non-life (general) insurance products. On 1st July 2004, the Bank tied-up with Life Insurance Corporation of India (LICI) for promotion and distribution of life insurance products.
The Bank has also tied-up with ECGC (Export Credit & Guarantee Corporation) in February 2004 for selling of export credit insurance products through selected branches.
Under the Corporate Agency tie-up with USGICL, LICI & ECGC the Bank has deployed its own trained Officers across the country for marketing of insurance products. These Officers have successfully completed the necessary training and tests on insurance as specified by the Insurance Regulatory & Development Authority (IRDA) and obtained IRDA license to carry on insurance business.
Insurance Linked Value Added Products
Insurance linked Products
As a part of the Bancassurance initiative, Allahabad Bank has also come
out with the following value added insurance linked products, in tie-up with the above
insurance companies. |
Al-Ayushman Bima Yojana in tie-up
with LICI - The Scheme provides life insurance cover up to Rs. 1.00 lac to the savings
Bank/Current/Fixed Deposit Account Holders at a very nominal premium. |
Free Personal Accident Gtoup Insurance
cover of Rs. 1.00 lac provided in tie-up with Universal SOMPO General Insurance Company
Limited (USGICL) to all ATM cum Debit Card holder and Savings Bank Depositors maintaining
a minimum average monthly balance of Rs 5000/- only. |
Mutual Fund
In recent times Mutual funds have gained rapid popularity as a
good investment option coupled with rise in income and savings of the public at large.
Mutual funds have variety of schemes and income options (i.e equity -diversified or
sectoral, debt or liquid, balanced funds) to suit the financial preferences of all classes
of investors, be it Retail, Corporate or Institutional depending on their risk appetite.
Allahabad Bank intends to become a financial super mart wherein its
customer shall be able to purchase a wide range of quality financial products under one
roof.
Keeping in view the above objective in sight, Allahabad Bank has
entered into Corporate Agency tie-up with some of the leading & fastest growing Mutual
Fund companies in India for distribution of mutual fund products from the Bank's Branches.
For this, the Bank has posted Officers all over the country. These Officers have been duly
certified by the AMFI (Association of Mutual Funds of India) for promoting mutual fund
business after they have successfully cleared the training and tests as prescribed by the
AMFI.
The Bank now offers a wide range of mutual fund products be it equity
-diversified or sectoral, debt or liquid or for that matter balanced funds of the
following MF companies, depending on its customer’s risk taking ability.
UTI Mutual Fund
Principal Pnb
Kotak Mahindra Asset Management Co. Ltd.
Reliance Capital Asset Management Limited
Franklin Templeton Asset Management (I) Pvt. Ltd.
Click
here to download the List of Officers
engaged in Bancassurance and Mutual Fund business
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