Deutsche Bank has partnered with Max Bupa Health Insurance, a 74% subsidiary of Max India, to offer a range of health insurance products to its customers in the country.
The move by the bank comes after the Insurance Regulatory and Development Authority (IRDA) permitted banks to act as corporate agents of one stand alone health insurance firm.
Under the bancassurance distribution agreement, the bank will offer Max Bupa’s Heartbeat that covers customers of different ages depending on their health status, while Health Companion provides city-wise pricing. A three-in-one assured cash benefit plan, Health Assurance covers critical illness, personal accident and hospital cash.
Deutsche Bank retail banking India head Prashant Joshi said with increased life expectancy, rising hospitalisation and medical costs, and benefits of cash-less hospitalisation, it is imperative for individuals to get adequate health insurance to protect themselves and their families.
"With this partnership, we aim to provide an umbrella of innovative solutions to our customers’ health insurance needs," Joshi added.
Max Bupa Health Insurance CEO Manasije Mishra said this alliance is an important milestone as bancassurance is part of the firm’s growth strategy.
"We want people to live healthier and more successful lives and this will become a reality when people across India use Health Insurance to protect their families’ health," Mishra added.