South Indian Bank announces partnership with Cholamandalam MS General Insurance, to offer health and general insurance products to the customers.
This partnership would enable customers of South Indian Bank to access the diverse range of insurance products offered by Cholamandalam MS General Insurance, thus fulfilling their need for protection against damage/ loss. The said arrangement aims to further enrich the Bank's insurance offerings by enabling its customers to access the product via the wide network of Bank branches PAN India.
With its legacy of over 9 decades, SIB has built nuanced understanding of customers across the country and has built customised products for better customer engagement. Aided by its digital outlook and innovative products and services, SIB is rapidly expanding its customer throughout India.
The key product offerings include: personal accident cover, home and property insurance, farmer care, EMI insurance, home package and retail health.
In Nov 2022, the insurance regulator issued newer guidelines for Corporate agents to have tie ups with upto 9 Partners in each of the segments (Life, Health & General). These new guidelines are expected to have a long term impact and is designed to encourage growth and increase insurance penetration in the country. With this, customers will have varied options to choose from and take informed decisions suiting their requirements.
Speaking on this partnership, Mr Murali Ramakrishnan, MD & CEO, South Indian Bank said, ""We are pleased to associate with Cholamandalam MS General Insurance to bring more value-added products and services to our customers. We are truly a Bank that relies more on trust and therefore, our endeavour is always to offer value based products for our customers. This partnership has come at a right time when awareness about the importance of insurance is on the rise across the country."
Further, Mr Suryanarayanan V, Managing Director, Cholamandalam MS General Insurance said, "The Bancassurance tie up with South Indian Bank will facilitate us to offer insurance products for SME customers and innovative insurance covers for retail customers of the bank. We are excited about this relationship, and we are looking forward to this partnership".
Shares of The South Indian Bank Limited was last trading in BSE at Rs. 15.30 as compared to the previous close of Rs. 15.32. The total number of shares traded during the day was 4749823 in over 7339 trades.
The stock hit an intraday high of Rs. 15.65 and intraday low of 15.13. The net turnover during the day was Rs. 72542397.00.