Apollo Munich signs deal with IOB

It will offer customised health insurance plans to 35 mn customers of Indian Overseas Bank

Hyderabad: Apollo Munich Health Insurance (AMHI) on Thursday signed agreement with Indian Overseas Bank (IOB) for offering customized health and personal accident insurance plans to latter’s 35 million customers across India.

Through this arrangement, IOB will sell Apollo Munich’s products under the ‘Go Health with an expert’ campaign, across its 3,350 branches that cater to over 3.5 crore customers.

Also, Apollo Munich, a joint venture of Apollo Hospitals Group and Munich Health, will also offer customized products with sum insured ranging from Rs 3 lakh to Rs 10 lakh to IOB customers. The health policy offers double sum insured with the same premium for claims related to listed critical illnesses up to Rs 5 lakh and an annual health check-up benefit worth of Rs 3,500 for sum insured between Rs 7.5 lakh to Rs 10 lakh. The policy will be handed over to the customer on the spot in the respective IOB branches.

“Health insurance is a great financial protection tool that will enable our customers to strengthen their financial portfolio. This partnership with Apollo Munich will provide our customers with innovative and specialized health insurance plans,” said Indira Padmini, General Manager, Retail Banking &Marketing, Indian Overseas Bank.

AMHI CEO Antony Jacob said the partnership would expand the company’s reach across the country.

“We have designed customised products for IOB customers according to their needs. I am confident that Apollo Munich’s association will enable the bank to offer well-researched, unique and customer friendly products to its customers,” he added.