Max Bupa ties up with Axis Bank for bancassurance

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Max Bupa Health Insurance has entered into a bancassurance collaboration with Axis Bank, with the aim of providing health insurance solutions to employees and customers of the bank. Bancassurance means selling insurance products through banking channels. So, this tie-up will enable Axis Bank customers to access quality healthcare solutions offered by Max Bupa. They will be available at over 4,5000 Axis Bank branches spread across the country. Axis Bank, the third-largest private sector bank, has a tie-up with Aditya Birla Health Insurance as well.

Strong entity

Max Bupa Health Insurance offers indemnity plans and fixed benefit products along with their customisable variants. Some of the products in the offering are ReAssure, Health Premia and Smart Health.

This partnership comes at a time when the awareness about health insurance is increasing in the wake of global pandemic. Covid-19 has reinforced the need for health insurance in tier-1, tier-2 and tier-3 cities in particular.

Axis Bank’s stake in Max Bupa promoter

Earlier in March, Axis Bank had announced that it would pick up a 9.9% stake in Fettle Tone LLP for Rs 90.8 crore. Fettle Tone LLP is a promoter of Max Bupa Health Insurance. The move was aimed at boosting its insurance business. Fettle Tone LLP holds a 5.6 % stake in the health insurance company.

 Axis Bank had earlier in June said that it might increase its holding in Max Life Insurance to about 20% over the next 12-18 months. As of now, Axis Bank and its two subsidiaries, Axis Capital and Axis Securities, own 12.99% in Max Life Insurance, collectively.