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Tamilnad Mercantile Bank Ltd. (TMB), one of India’s most trusted private sector banks with over 100 years of service excellence, has announced a strategic tie-up with Bajaj Allianz General Insurance Company Ltd. (BAGIC) to offer a comprehensive range of non-life insurance products to its customers.
This new arrangement will enable TMB to offer products such as motor insurance, health and personal accident insurance, asset protection covers for loan customers, and cyber insurance — accessible through the bank’s extensive branch network and digital platforms.
As per IRDAI guidelines, TMB, registered as a corporate agent, can partner with up to nine companies for marketing non-life insurance products. With existing tie-ups with United India Insurance Company Ltd., Cholamandalam MS General Insurance Company Ltd., and Zurich Kotak General Insurance Company Ltd., the addition of BAGIC further strengthens TMB’s non-life insurance portfolio.
Commenting on the partnership, Mr. Salee S Nair, Managing Director & CEO of TMB, said: "At TMB, our focus is to deliver complete financial solutions under one roof. Partnering with Bajaj Allianz General Insurance will allow us to offer customers robust, tech-driven protection plans while supporting our strategy to grow fee-based income."
BAGIC will provide TMB with a dedicated service team, free training for staff, IT integration, and web portal linkages to ensure a seamless insurance experience for both Liability as well as Asset customers.
This collaboration builds on TMB’s successful association with Bajaj Allianz Life Insurance Company Ltd. (BALIC) since December 2022 and reaffirms the bank’s commitment to combining its century-long legacy with modern financial solutions. This new tie-up reinforces TMB’s commitment to being a one-stop financial solutions provider, combining its century-long trust with modern, technology-driven offerings for a diverse customer base.