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Which among the following defines the model in which the banks sell the insurance products of their partner insurance company?
- a)Bancassurance
- b)Banking Assurance
- c)Bank Assurance
- d)Insurance Banking
- e)None of the above
Correct answer is option 'A'. Can you explain this answer?
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Which among the following defines the model in which the banks sell th...
- Bancassurance means selling insurance products through banks. Banks and insurance companies come up in a partnership wherein the bank sells the tied insurance company's insurance products to its clients.
- Bancassurance arrangement benefits both the firms. On the one hand, the bank earns fee amount (non-interest income) from the insurance company apart from the interest income whereas, on the other hand, the insurance firm increases its market reach and customers. The bank acts as an intermediary, helping the insurance firm reach its target customer in order to increase its market share.
- Bancassurance has emerged as a very important route for the distribution of insurance products and services. This partnership of Banking and the Insurance sector, if implemented in a well-planned and structured manner, can be beneficial for all the participants i.e., banks, insurers, and the customers.
- Types of Bancassurance products:
- Life insurance facilities:
- Term insurance plans (with accidental and death claims).
- Endowment plans
- ULIPs( Unit Linked Insurance Plans)
- Non-life Insurance facilities:
- Health insurance
- Marine insurance( for cargo shipments)
- Property insurance( against natural calamities)
- Key Men insurance (Top executives of companies, partnership firms, etc.)
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Which among the following defines the model in which the banks sell the insurance products of their partner insurance company?a)Bancassuranceb)Banking Assurancec)Bank Assuranced)Insurance Bankinge)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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