Star Health and Allied Insurance and IDFC FIRST Bank  announce Bancassurance tie-up

Star Health and Allied Insurance and IDFC FIRST Bank  announce Bancassurance tie-up

Star Health and Allied Insurance and IDFC FIRST Bank  announce Bancassurance tie-up

  India, 28 June 2022: Star Health and Allied Insurance, one of the leading Health Insurance companies in India, has signed a Corporate Agency agreement with IDFC FIRST Bank, for distribution of it’s health insurance soluti ons.

Under this strategic agreement, Star Health and Allied Insurance will offer its best in class health insurance pro ducts to the Bank’s customers using IDFC FIRST Bank’s state of the art digital platform and its wide distribution network.

Mr. Anand Roy, Managing Director, Star Health and Allied Insura nce Co. Ltd, shares, “We, at Star Health, believe t hat health insurance is essential for every citizen. Our strategic tie-up with IDFC First Bank is a step further in making health insurance accessible to all. This tie- up will help us reach out to IDFC First’s customers and enable them to finan cially safeguard themselves from rising healthcare costs. Both ID FC First Bank & Star Health Insurance are highly innov ative and customer focused companies. We expect this partnersh ip will be mutually beneficial to both organisations.

 Mr. Vikas Sharma, Head – Wealth Management & Private Banking, IDFC FIRST Bank, said, “We are pleased to ass ociate with Star Health and Allied Insurance to bring more value-added products and services to our customers. We are truly a customer first bank and therefore our endeavor always is to offer products with low cost and high value for our cu stomers. This partnership has come at a right time when awareness about the importance of health insurance is on the rise in the post pandemic world.” 

IDFC FIRST Bank has a digital first approach and serves customers through its state-of-the-art netbanking pl atform and an intuitive, user-friendly award winning mobile app, which complement its na tionwide branches, ATMS and loan centres.

About IDFC FIRST Bank:

IDFC FIRST Bank was formed by the merger of erstwhile IDFC Bank, promoted by renowned infrastructure fin ancing institution IDFC Ltd. and leading technology NBFC, Capital First. IDFC FIRST Bank, has a balance sheet of Rs. 1,90,182 crore, has provided over 30 million loans in its combined history and serves customers in over 60,0 00 villages, cities and towns across the length and breadth of the country. The Bank believes in making custome r-first products and was the first universal bank to offer monthly interest credit on savings accounts, lifetime fre e credit cards with dynamic and low APR rates, and many other such interesting products.

The Bank’s vision is to build a world class bank in India, guided by ethics, powered by technology, and to be a fo rce for social good. Its mission is to touch the lives of millions of Indians in a positive way by providing them high-quality banking services. 

In a short time, the Bank has expanded to 641 branches, 203 asset service centres, 719 ATMs and 601 rural bus iness correspondent centres across the country, a next-generation net and mobile bank ing platform and 24/7 Customer Care services and is increme ntal ly growing digitally. IDFC FIRST Bank is committed to bring high-qu ality banking at affordable rates to India. The Bank also offers high quality technology-enabled corporate ban king solutions, contemporary cash management solutions, fleet card and FASTag solutions and wealth manag em ent solutions.

About Star Health Insurance:

Star Health and Allied Insurance Co Ltd (BSE:543412 | NSE:STARHEALTHcommenced its operations in 2006 as India’s first Standalone Health Insurance Company with business interests in Health, Personal Accident and Ove rseas Travel Insurance. The company uses its vast resources to focus on service excellence and product innova ti on to deliver the best to its customers. Star Health has been providing innovative health insurance products to in dividuals, families and corporates, directly and through various channels – agents, brokers, online and digital cha nnels like web aggregators, fintech, etc. Star Health is also a prominent Bancassurance player with long stan ding relationship with various banks.

Star Health currently has 14000+ employees with 807 branch offices spread across 26 states and 4 union terri tories in India, . These existing branches are also supplemented by an extensive network of over 355 Sales Man agers Stations (“SMS”), which are small individual service centers, located across India. In FY 2022, Star Health had a gross written premium of Rs. 11,463 crore and  a net worth of Rs. 4,513 crore.

Star Health and Allied Insurance Company Limited is listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE)

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