Mumbai, December 10, 2021 (GPN): Federal Bank has joined hands with India’s first standalone health insurance company, Star Health and Allied Insurance Co Ltd as a corporate agent to provide a wide range of innovative health insurance products for the Bank’s 8.90 million customers spread over 1,291 banking outlets across the country.

The Bank’s customers can avail benefits of Star Health’s retail products and group affinity products through the Bank’s various distribution channels thus helping customers address their complete financial needs under one roof.

Commenting on the new tie-up, Ms. Shalini Warrier, Executive Director & Business Head- Retail, Federal Bank, said, “We are delighted to tie-up with Star Health Insurance, one of the leading players in the stand alone Health Insurance industry in India. This is a significant milestone for both Star Health and Federal Bank. Through this partnership, we will be in a position to offer our customers a wide range of affordable health insurance products. We look forward to the alliance with Star Health Insurance”.

“We at Star Health believe that health insurance is essential for every citizen. Our strategic tie-up with Federal Bank will help us reach out to their customers and enable them to safeguard themselves from rising healthcare costs. It brings us great joy in announcing this tie-up with Federal Bank, one of the prominent commercial banks in the private sector and we look forward to a long-term, mutually beneficial partnership.”, said Mr. Anand Roy, Managing Director, Star Health and Allied Insurance Co. Ltd.

About Federal Bank Limited

Federal Bank is a leading Indian private sector bank with a network of 1,291 banking outlets and 1,957 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.06 Lakh Crore as on September 30, 2021. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.97% as on 30th September 2021. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve center for Non Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.

About Star Health and Allied Insurance Co. Ltd

Star Health and Allied Insurance Company Limited commenced its operations in 2006 as India’s first Standalone Health Insurance Company (Source: CRISIL Research) dealing in retail health, group health, personal accident and overseas travel insurance. We use our resources to focus on service excellence and product innovation to deliver the best to our customers. We have been providing health insurance products to individuals, families, and corporates directly and through various channels including agents, brokers, corporate agent bank and online channels like interactive applications, web aggregators, etc.

In Fiscal 2021, we had total GWP of ₹93,489.50 million.  As of September 30, 2021 our distribution network had grown to 779 health insurance branches spread across 25 states and 5 union territories in India. Our existing branches are also supplemented by an extensive network of over 562 Sales Managers Stations (“SMS”), which are small individual service centres, and over 6,892 in-house sales managers, as of March 31, 2021