Private life insurer Tata AIA Life and Citibank Tuesday entered into a bancassurance partnership in India to serve insurance needs of over 18.4 million households in the country.
Private life insurer Tata AIA Life and Citibank Tuesday entered into a bancassurance partnership in India to serve insurance needs of over 18.4 million households in the country.
"This partnership aims to enhance the value proposition to Citibank's customers. I am confident that with our customised products, unique technology support for sales and services, and Citibank's expert relationship managers, we will enhance customer experience to a new level," Tata AIA Life CEO and Managing Director Naveen Tahilyani told reporters.
This is a growing base of approximately 18.4 million households across 14 cities in India that has a large protection gap, estimated at over Rs 150 trillion, he said.
"In India, for every Rs 100 needed for a family's income protection, only Rs 7.4 is currently provided for, leaving a protection gap of 92.6 percent," he pointed out.
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