Comes out with co-branded healthcare policy

Tamilnad Mercantile Bank (TMB) has deepened its alliance with United India Insurance Company by launching a co-branded health care policy for the bank’s customers.

At a launch function of the product “TMB-UNI Family Health Care Policy here on Friday, G. Srinivasan, Chairman and Managing Director, United India Insurance Company, said only 15 per cent of the total population in India was covered under various health insurance products. Of which, 9 per cent was offered free insurance cover by the Central and State Governments. With rising expenditure on healthcare, more people would come forward to avail themselves of health insurance products, he said. United India was leader in the bancassurance field with over 61 large and small tie-ups, Mr. Srinivasan said.

According to K. B. Nagendra Murthy, Managing Director and CEO of TMB, the bank was acting as bancassurance partner with United India since 2010, and marketing its various products throughout the country. The healthcare policy, with low premium and sufficient risk coverage, was launched based on customer feedback. He said the policy would cover pre and post-hospitalisation expenses. Cashless facility for claim settlement would be available in network hospitals through third party administrators.

Performance

On the performance of the bank, Mr. Nagendra Murthy said the total business, as on June 30, 2012, stood at Rs. 32,202 crore with deposits registering a rise of 27.9 per cent to Rs. 17,649 crore and advances by 37.1 per cent to Rs. 14,553 crore as compared to the same period in the previous year.

By the end of the current financial year the aim was to achieve a growth of 28.4 per cent in deposits to reach the Rs. 22,000-crore mark and 31 per cent rise in advances to surpass the Rs. 18,200-crore level, he said.

The net profit in the three months under reference registered a rise of 79.4 per cent to Rs. 90.56 crore from 50.47 crore in the year-ago period. On a low capital base of Rs. 28 lakh net earnings work out to Rs. 3,184 per share of Rs. 10 each against Rs. 1,774 in the same period last year.