RRBs have been permitted vide Reserve Bank of India letter no. RPCD.CO.RRB.BC.No.86/03.05.33 (G)/2006-07 dated 03.05.2007 to take up corporate agency business without risk participation for distribution of Insurance products.
Further IRDA has issued new regulations for taking corporate agency vide notification No F.No.IRDAI/Reg/12/102/2015 dated 20.08.2015. As per regulation 1(3), a corporate agent who has been issued a license prior to commencement of these regulations has to seek a fresh certificate of registration to work as a corporate agent by applying to the Authority in accordance with procedure by the Authority in this behalf.
Bank has obtained Composite License certificate No CA0415 from Insurance Regulatory Authority of India (IRDAI) valid Till 31.08.2022 for cross selling Insurance products of Insurance company under Corporate Agency.
Life Insurance is an important part of Human Life which secures the risk of life in an unfortunate event. Life Insurance is a security cover that supports one’s Life and family beyond one’s life. To secure the life risk of the customers, Bank has entered into a Corporate Agency Agreement with M/s Canara HSBC OBC Life Insurance Company (CHOICe) for cross selling Life insurance products without risk participation to our customers on referral basis.
Canara HSBC OBC Life Insurance Company Limited, a joint venture owned by our sponsor Bank-Canara Bank along with HSBC Insurance Holding & Oriental Bank of commerce is leading insurance company in India which provides insurance policies with affordable premium & better benefits.
Based on Appropriateness, Suitability & Preferences of the customers, the following products are offered to our customers:
Considering the immense captive potential for General Insurance Business and also with an objective to offer multiples choices of General Insurance products to our esteemed customers, the Bank has entered into corporate agency agreement with three leading Insurance companies
M/s United India Insurance Company Limited (UIIC),
M/s Bajaj Allianz General insurance Co.Ltd (BAGIC) &
M/s SBI General Insurance Company Limited (SBIGIC) to offer their General insurance products to our customer across all the branches.
Insurance company is offering all lines of personal products like Accidental, Motor, Property, Health & Travel and all commercial line of products like Fire, Marine, Engineering, etc., to cover the risks against Accidental Death /Loss &Damages of Assets,properties,vehicles.etc of the Loanee customers, Non Loanee Customers & to also any other prospects.