Canara HSBC Life Insurance and Equitas Small Finance Bank Launch Bancassurance Partnership to Expand Insurance Access

As per PTI report, Canara HSBC Life Insurance and Equitas Small Finance Bank have entered into a strategic bancassurance partnership aimed at increasing life insurance accessibility across various Indian regions.  

The collaboration integrates Canara HSBC’s insurance portfolio with Equitas Bank’s branch network, promoting financial inclusion across multiple customer segments. 

Insurance Products Offered at 994 Equitas Bank Outlets 

Through this alliance, Canara HSBC Life Insurance will distribute its suite of offerings including life protection, savings, annuity, child plans, and investment-linked policies.  

These will now be accessible across Equitas Bank's 994 outlets and 365 ATMs spanning 18 states and Union Territories such as Tamil Nadu, Karnataka, Kerala, and Maharashtra.  

This expansion allows customers from Tier 1, 2 and 3 cities to access insurance plans directly through their existing banking touchpoints. 

Focus on Financial Inclusion and Simplicity 

As part of its ‘Promises Ka Partner’ brand philosophy, Canara HSBC Life Insurance aims to simplify life insurance for the average Indian consumer.  

By integrating services within Equitas Bank’s phygital banking model, the insurers aim to provide straightforward and transparent services.  

This partnership supports the Insurance Regulatory and Development Authority of India’s (IRDAI) goal of achieving ‘Insurance for All by 2047’. 

Read More: HDFC Life, ICICI Prudential Life, Bajaj Life and SBI Life Witness Sharp 8 Crore Drop in Insured Lives! 

Commentary from Company Executives 

Senior executives from both firms highlighted the partnership’s intent to bridge the insurance access gap. Murali Vaidyanathan of Equitas Bank noted that the partnership enhances their existing financial planning services, while Soly Thomas of Canara HSBC emphasised the focus on expanding trust and reach through strategic bancassurance. 

Overview of the Partnering Organisations 

Canara HSBC Life Insurance was established in 2007 and operates as a bank-promoted joint venture with shareholders including Canara Bank (36.5%), HSBC Insurance (25.5%), and Punjab National Bank (13%).  

The remainder is held by other entities and individuals. It uses multiple distribution channels and bancassurance partners to sell insurance products across more than 100 offices in India. 

Conclusion 

The partnership between Canara HSBC Life Insurance and Equitas Small Finance Bank is structured to enhance the reach of insurance products across India. With a focus on integrating insurance services into everyday banking operations, the alliance is expected to contribute to a broader spread of insurance inclusion in the country. 

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