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IDBI Bank, New India Assurance in bancassurance tie-up

IDBI Bank and the New India Assurance Co have signed an agreement to provide the insurance companies products to the bank’s 20 million customers. The insurance company will leverage the bank’s 1850 plus branches to sell its various policies. Rakesh Sharma, MD & CEO of the bank, said New India Assurance Co commands market share of 15% in the general insurance segment and the tie-up would be a game changer for the bank’s customers in terms of pricing and service delivery. Atul Sahai, CMD, the New India Assurance Co, said apart from product pricing, very important focal point envisaged under the agreement is prompt servicing of claims including big claims. On the occasion, a customized personal accident policy, ‘Suraksha Kavach’, was launched for the benefit of the bank’s customers.

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