AU Small Finance Bank and HDFC Life announce bancassurance tie-up
AU Small Finance Bank, and HDFC Life company has entered into a bancassurance agreement under which the customers of the Au bank can access the entire life insurance product the HDFC life company.
It is the selling of insurance products through banking channels. In Bancassurance a bank enters into an agreement with an Insurance company. The Bank makes its customer database available to the Insurance companies. If the bank customer buys the insurance products then the bank will receive a commission from the Insurance companies.
Here both the bank and the Insurance companies benefit. The Insurance companies get new customers and banks earn extra income.
Regulator of Bancassurance in India
Bancassurance sector is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).
AU Small Finance Bank
It is the largest Small Finance Bank in India which started its operation on 19 April 2017.
Headquarter s: Jaipur, Rajasthan
Managing Director and Chief Executive Officer: Sanjay Aggrawal
Tagline of the bank: Badlaav Humse Hai
HDFC Life Insurance Company limited
It is a joint venture of HDFC Ltd and Standard Life Aberdeen (Mauritius Holdings) Limited. It started its operation in 2000.
It is one of the largest private sector insurance companies in India.
Managing Director and Chief Executive Officer: Vibha Padalkar
Tagline: Sar Utha ke Jiyo
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