Federal Bank And Star Health Insurance Tie-Up For Bancassurance

 - Sakshi Post

Mumbai: Federal Bank has joined hands with India’s first standalone health insurance company, Star Health and Allied Insurance Co Ltd as a corporate agent to provide a wide range of innovative health insurance products for the Bank’s 8.90 million customers spread over 1,291 banking outlets across the country.

The Bank’s customers can avail benefits of Star Health’s retail products and group affinity products through the Bank's various distribution channels thus helping customers address their complete financial needs under one roof.

Commenting on the new tie-up, Ms. Shalini Warrier, Executive Director & Business Head- Retail, Federal Bank, said, “We are delighted to tie-up with Star Health Insurance, one of the leading players in the stand-alone Health Insurance industry in India. This is a significant milestone for both Star Health and Federal Bank. Through this partnership, we will be in a position to offer our customers a wide range of affordable health insurance products. We look forward to the alliance with Star Health Insurance”.

“We at Star Health believe that health insurance is essential for every citizen. Our strategic tie-up with Federal Bank will help us reach out to their customers and enable them to safeguard themselves from rising healthcare costs. It brings us great joy in announcing this tie-up with Federal Bank, one of the prominent commercial banks in the private sector and we look forward to a long-term, mutually beneficial partnership.”, said Mr. Anand Roy, Managing Director, Star Health and Allied Insurance Co. Ltd.

About Federal Bank Limited

Federal Bank is a leading Indian private sector bank with a network of 1,291 banking outlets and 1,957 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.06 Lakh Crore as of September 30, 2021. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.97% as of 30th September 2021. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve center for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.

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