Bancassurance in simple terms means marketing of insurance products under the same roof of a Bank branch. It thus facilitates a customer to carry out all his financial and investment needs with just a visit to his bank branch.
UCO Bank, apart from its Core Banking activities, has entered into the Bancassurance Business with the object of offering a variety of services and products to its customers at affordable price.
Participation of the Bank's customers shall be purely on a voluntary basis.
It is however explicitly made clear that UCO Bank as Corporate Agent does not underwrite the insurance risk or act as an insurer as per IRDAI (Licensing of Corporate Agents) Regulations 2002. In brief contract of Insurance is between the Insurer and Insured and not between the Bank and the Insured.
Uco Bank as Corporate Agent
UCO Bank as Corporate Agent for selling Insurance Products
In Bancassurance - Life, the Bank is Corporate Agent of Life Insurance Corporation of India (LIC), the only Public Sector Insurance Company, since August 2003. For more details click here. www.licindia.com
In Bancassurance- Non-Life the Bank is a Corporate Agent for three General Insurance Companies under Corporate Agency tie-up arrangements as permitted by IRDAI and selling Insurance products for these three companies. These Companies are as mentioned below:
UCO Bank has a Principal Office (PO) placed at its Head Office in Kolkata and Specified Persons at various centers to carry out its bancassurance business as per the IRDAI guidelines.
- Branches of UCO Bank shall obtain the requisite documents at the time of filing the proposal form with the insurer; and other documents subsequently sought for by the insurer for the completion of the proposal and issuance of the cover note/policy.
- Branches of UCO Bank shall inform the customers/applicants of the policy, the prospect about the acceptance or rejection of the proposal by the insurer
- Branches of UCO Bank shall advise every individual policy holder to effect nomination / assignment and or change of address or exercise of options, as the case may be, and offer necessary assistance in this regard wherever sought for.
- Branches of UCO Bank shall offer necessary assistance/advisory services to all the existing and future policy holder/ claimants and/or beneficiary in complying with the various requirements for settlement of claim by the insurer and /or renewal of their policies before the expiry date.
- Bank has tied up with 3 General Insurance Companies and selling Health Care products for all the three companies.
- As insurance is a matter of solicitation, UCO Bank a matter of good banking practice shall ensure that no customer is forced to buy insurance products of its channel partners.