India’s Aditya Birla Health Insurance (ABHI) has signed a bancassurance deal with compatriot private sector lender Axis Bank.

As part of the agreement, the lender will distribute the insurer’s products to its customers.

Aditya Birla bancassurance deal

Furthermore, the health insurer will be able to leverage Axis bank’s 4,094 branch offices and digital channels to sell its health insurance plans across India.

Aditya Birla Health Insurance CEO Mayank Bathwal told The Hindu BusinessLine: “We are delighted to have Axis Bank, one of the most trusted brands in the banking sector, as our 10th bancassurance partner.

“This collaboration is a step further towards strengthening our distribution reach and offering significant health protection solutions to Axis Bank customers.”

Bathwal further stated that the collaboration with Axis Bank will enable the insurer to boost health insurance penetration in India.

Axis Bank group executive and head retail banking Pralay Mondal told the publication: “As part of our consistent endeavour to provide holistic solutions, the Bank is excited to partner with Aditya Birla Health Insurance and thereby offer innovative health insurance solutions to all our valued metro, urban and rural customers.”

ABHI operates as a subsidiary of Aditya Birla Capital.