The policy offered on real time basis to customers at the branches of Indian Overseas Bank through integration of technology of the two institutions.
The co-branded healthcare policy designed by Universal Sompo General Insurance is offered with a sum insured from ₹50,000 to ₹15 lakh, a press release said.
The one of its kind family floater policy where the premium is charged as per the age of the proposer with no medical checkup up to the 50 years of age.
Indian Overseas Bank Managing Director and CEO Karnam Sekar formally launched the policy in the presence of Universal Sompo General Insurance, Chairman, O N Singh here recently.
"We are extremely delighted to offer our products to our customers by harnessing tools to minimise the waiting period of issuing a policy to bank customers," Sekar said.
Commenting on the association with Indian Overseas Bank, Singh said, relationship of Universal Sompo is more than a decade and by close coordination we are extremely delighted to offer products to IOB customers by harnessing tools to minimise the waiting period of issuing a policy.
"Very few insurers have real time integration with Bank's core system. This would be a win-win situation for both bank and insurance company," Singh said.