IndusInd Bank, Aviva in bancassurance tie-up

IndusInd Bank today announced it has entered into a bancassurance partnership with Aviva Life Insurance.

In an official release issued by the bank to the BSE today, Bhaskar Ghose, managing director, Indusind Bank, said: "With this tie-up, we are now well on our way to offer an assortment of retail banking products to our account holders. We are certain that our partnership with Aviva would bring out the best in us, which would translate into innovative products and services for our customers. Recently, we received 40 branch licences from Reserve Bank of India (RBI), which will help us in raising the profitability of the bank by selling insurance and mutual fund products."

The bank shares the vision and values of Aviva and expects to provide insurance products to its customers in the first phase. Subsequently, innovative and segmented propositions will be introduced for the customers. The partnership will be on a referral type business model, the release said.

Aviva has now extended its leadership position in the Bancassurance channel with 31 tie-ups, the largest number of Bank partnerships by any private insurer in India. Aviva has increased its presence to 497 locations in the country, the release added.