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Canara Bank ties up with Apollo Munich; eyes Rs 100 cr biz from bancassurance

By Religare
Canara Bank ties up with Apollo Munich
Public-sector lender, Canara Bank has formed alliance with Apollo Munich Health Insurance to provide health insurance to Canara Bank customers across the country, said the media report.

It has targeted to earn a fee based income of Rs 100 crore from bancassurance business during the next one year, said the media report.

"We've tied up with Apollo Munich to offer health insurance products. We'll offer some tailor-made products to customers," Canara Bank, Chairman and Managing Director, R K Dubey told media.

However, the bank has currently a fee-based income from the sales of insurance policies to the tune of Rs 15 crore. Besides, the bank, in August this year, had entered into an MoU with United India Insurance for distribution of UII's general insurance policies.

Dion Global Solutions Ltd.

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