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Business News/ Companies / Citibank to sell Tata AIA life policies
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Citibank to sell Tata AIA life policies

The tie-up was announced on Tuesday after both the companies broke up with their respective partners last year

Till last year Citibank used to sell policies from Birla Sunlife Insurance while AIA Life was sold through HSBC and United Bank of India till recently. Photo: Hemant Mishra/MintPremium
Till last year Citibank used to sell policies from Birla Sunlife Insurance while AIA Life was sold through HSBC and United Bank of India till recently. Photo: Hemant Mishra/Mint

Mumbai: Citibank NA has tied up with Tata AIA Life Insurance Co. Ltd to sell cover in a corporate agency tie-up which will last at least three years.

The tie-up was announced on Tuesday after both the companies broke up with their respective partners last year.

Till last year Citibank used to sell policies from Birla Sunlife Insurance Co. Ltd while AIA Life was sold through Hong Kong and Shanghai Banking Corp. Ltd (HSBC) and United Bank of India till recently.

On Thursday, Reserve Bank of India (RBI) allowed banks to become insurance brokers, allowing them to sell policies of different insurance companies subject to certain conditions.

However, Citibank said it has decided not to discontinue the so-called corporate agency model in favour of the broker model.

“There has been no rethink on the corporate agency model by the bank and while the broking model is now available and is interesting we have decided to continue with this as of now," said Kartik Kaushik, country business manager, consumer banking, Citibank India.

Globally, too, Citibank and AIA Group Ltd have an exclusive bancassurance partnership across 10 markets in Asia-Pacific.

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Published: 20 Jan 2015, 07:31 PM IST
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