The agreement will allow IFFCO-Tokio access to the bank’s 4 lakh customers
ERODE: IFFCO-Tokio General Insurance has entered in to an agreement with Erode District Central Cooperative Bank, says a release from the insurance company.
The company will be able to have access to the Banks’ 4 lakh customers through its 28 branches to offer insurance coverage.
The agreement that the insurance company entered into with EDCCB is consequent upon the understanding it entered with the Tamil Nadu State Apex Cooperative Bank.
The release adds that the insurance company that offers insurance cover to rural people aged between 18 and 60 at Rs. 100 has found so many takers in the State that it has seen a 20 per cent growth in the first four months of the current financial year.
The release says the premium has increased to Rs. 50 crore, as compared to Rs. 41.5 crore during the corresponding period last year.
The release also adds that the insurance company’s rural coverage at 11.66 per cent is far above the Insurance Regulatory and Development Authority norm of seven per cent.