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Oriental Insurance Company entered into an agreement with Oriental Bank of Commerce, allowing the bank to sell mediclaim policies to its customers.
A K Saxena, General Manager, Oriental Insurance Company and R M Sharma, GM of Oriental Bank of Commerce signed a memorandum of understanding (MoU) on Monday.
Oriental Insurance Mediclaim policy will be available across the bank’s pan-India network. Mediclaim policy is an insurance cover which takes care of various medical expenses following hospitalisation due to an accident, sudden illness or incase the insured needs to undergo surgery for any condition arisen during the policy period. The insurance company reimburses the medical expenses incurred for the treatment taken by the policyholder. The sum insured that a customer can opt for is in the range of Rs 1 lakh-Rs 5 lakh. The annual premium for a Rs 5 lakh cover will be close to Rs 7,000. Policyholder will get cash-less facility for treatments taken at networked hospitals.
The unique feature about this mediclaim policy is that it can be availed by all bank customers under the age of 79 years. The policyholder need not undergo any medical check—up and can also opt for family floater to extend the coverage to family members under one policy.
The bancassurance tie-up will enable Oriental Insurance to make its product accessible to the bank’s existing clientele. Oriental Bank of Commerce has a large customer base that may not be covered under any mediclaim policy or health insurance policy; considering the fact that the health insurance penetration in India is very low.
Commenting on the tie-up, Nagesh Pydah, Chairman and Managing Director of Oriental Bank of Commerce said, “This product was a long-felt need of our customers. Oriental Bank Mediclaim policy will fill the gap in our bouquet of products and services. This should help us in our fee-based income and also in bolstering CASA. This will be a great opportunity for us to build our Current Account Savings Account (CASA) deposits.”