IOB launches health insurance policy for customers

CHENNAI: State-owned Indian Overseas Bank has joined hands with an online platform, Universal Sompo General insurance, to launch IOB Health Care Insurance Policy to issue health insurance policy to its customers with a sum insured starting from Rs 50,000 to Rs 15 lakh.

Karnam Sekar, MD and CEO, Indian Overseas Bank, said, “The Bank’s long relationship with Universal Sompo resulted in offering various innovative policies on real time basis for IOB customers. The bank team will popularise policies of Universal Sompo that would increase non-interest income of the bank considerably.”

The policy issuance will be made on a real-time basis at the IOB branches to its customers. Self, spouse, dependent children, dependent parents can be covered.

Indian Overseas Bank Health Care Plus (IOB HCP) is a one of its kind family floater policy where the premium is charged as per the age of the proposer with no medical check-up up to 50 years of age.

O N Singh, chairman, Universal Sompo General Insurance Co Ltd, said, “Relationship of Universal Sompo with IOB is more than a decade. By close coordination with the bank, we are extremely delighted to offer our products to Indian Overseas Bank customers by harnessing technology tools to minimise the waiting period of issuing a policy to bank customers. Very few Insurers have real time integration with bank’s core system.”

Source: The Times of India