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Tata AIA Life, Citi in bancassurance deal

Tata AIA Life has entered into a bancassurance partnership with Citibank to offer its products through the bank channel. Some nine products would be sold through this channel, including 4 unit-linked plans, one term plan, two non-participatory traditional and two participatory traditional products. Naveen Tahilyani, CEO &MD, Tata AIA Life explained that through this partnership, the company aimed to reach several more customers through not just the bank branches but through its digital presence as well. He added that the company would add 15 products in the next six months to this portfolio. Further, about 70 people from Tata AIA would work with Citi for the bancassurance partnership. The company is also planning to use Citibank’s ATM network in the future to sell its products. The company will offer tailor-made solutions and custom designed underwriting limits and processes for policyholders.

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