Apollo Munich Health insurance products will be available in all 3,369 branches of Indian Overseas Bank
Indian Overseas Bank (IOB) and Apollo Munich Health Insurance today announced that they are joining hands to provide specialized health and personal accident products to IOB’s customers. Through this arrangement, IOB will sell Apollo Munich’s products under the ‘GO HEALTH with an expert!’ campaign across the country in over 3,350 branches of the bank.
Apollo Munich will offer customized products with sum insured ranging from Rs. 3 lakhs to Rs. 10 lakhs to IOB”s customers. In observance with Apollo Munich’s uncomplicated product offering, IOB customers would be able to enjoy policies without any sub limits or copay clauses; inbuilt accidental covers, etc. The health policy offers double sum insured with the same premium for claims related to listed critical illnesses upto Rs. 5 lakhs and an annual health check-up benefit worth of Rs. 3,500 for Sum Insured Rs. 7.5 Lakhs to Rs. 10 Lakhs. The health policy will be handed over to the customer on the spot in the respective branches of IOB itself.
Indira Padmini, General Manager –Retail Banking &Marketing, Indian Overseas Bank opined, “The health of our customers is of utmost importance to us – be it their financial or physical health. Health insurance is a great financial protection tool that will enable our customers to strengthen their financial portfolio. This partnership with Apollo Munich will provide our customers with innovative and specialized health insurance plans.”
The quality of healthcare available in India continues to improve every day. These new techniques and procedures have better outcomes, but cost significantly more than earlier generation procedures. It may not be possible for customers to pay these expensive bills from their personal savings or through loans. This creates a ‘protection gap’ that health insurance is best placed to fill.
Speaking about the bancassurance tie up with IOB, Mr. Antony Jacob, CEO, Apollo Munich Health Insurance said, “By partnering with Indian Overseas Bank under Stand Alone Insurance model, we aim to deepen our reach across the country. We have designed customised products for Indian Overseas Bank customers according to their needs. I am confident that Apollo Munich’s association with the Indian Overseas Bank will enable the bank to offer well researched, unique and customer friendly products to its customers.”