Indian Overseas Bank launches IOB Health Care Insurance Policy

Indian Overseas Bank Health Care Plus Policy (IOB HCP), a co-branded Health Insurance is designed by Universal Sompo General Insurance company for the IOB Customers with a Sum Insured starting from Rs.50,000 to Rs.15 Lakhs.

The policy issuance will be made on a real-time basis at the IOB Bank branches to its customers. Self, Spouse, Dependent children, dependent parents can be covered.

Indian Overseas Bank Health Care Plus (IOB HCP), is a one-of-its-kind Family Floater policy where the premium is charged as per the age of the proposer with No Medical check up upto 50 years of age.

Commenting on the launch IOB Health Care Plus Policy, O. N. Singh, Chairman, Universal Sompo General Insurance Co. Ltd remarked Relationship of Universal Sompo with IOB is more than a decade and by close coordination with Bank, we are extremely delighted to offer our products to Indian Overseas Bank customers by harnessing technology tools to minimize the waiting period of issuing a policy to bank customers.

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.

Karnam Sekar, MD and CEO, Indian Overseas Bank commented, that Bank’s long relationship with Universal Sompo resulted in offering various innovative policies on real time basis for IOB Customers. He remarked that IOB made a right decision to invest in Universal Sompo which resulted in profit in the shortest time.

Karnam Sekar, MD and CEO, said, "Indian Overseas Bank advised Bank team to popularize policies of Universal Sompo that would increase non- interest income of the Bank considerably."