TATA AIG and Equitas SFB Bancassurance Tie-Up
Why in the news
TATA AIG General Insurance Company Ltd tied up with Equitas Small Finance Bank so that the bank’s branches and network can sell general insurance, especially outside big cities.
Key facts
- Type of deal: bancassurance partnership.
- Partners: TATA AIG General Insurance and Equitas Small Finance Bank.
- Products: motor, health, personal accident, travel and other non-life insurance.
- Regions of emphasis: semi-urban and rural India.
Aims
- Offer financial protection to households and small businesses in emerging markets.
- Raise insurance penetration in underserved semi-urban and rural areas.
Exam angle
- Term to recall: bancassurance, meaning insurance sold through a bank’s network.
- Insurer is a general (non-life) company.
- Bank partner is a small finance bank.