Bancassurance
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 Business, the Bank is currently
Corporate Agent for two Life Insurance Companies
In Bancassurance - Non-life Business, the Bank is a Corporate for
Two General Insurance Companies under Corporate Agency tie-up
arrangement and selling Insurance Products for these two Insurance
Companies. These Companies are as mentioned below :
In Bancassurance - Non-life Business, the Bank is a Corporate for
Two General Insurance Companies under Corporate Agency tie-up
arrangement and selling Insurance Products for these two Insurance
Companies. These Companies are as mentioned below :
General Information
- 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.
