UCO Bank ties up with Bajaj Allianz

Kolkata, Apr 21: UCO Bank today entered into an agreement with Bajaj Allianz General Insurance Company Limited to provide personal accident insurance cover to Kisan Samridhi Credit cardholders issued by it.

''The tie-up with Bajaj Allianz will help the Bank increase its presence in the rural market,'' UCO Bank chairman and managing director V Sridar said here.

This is the first time a PSU bank has selected a private insurance company to offer the scheme.

Under the scheme a payment of Rs 50,000 would be made against death and permanent disability and Rs 25,000 in case of loss of a limb or eye.

Mr Sridar said the bank disbursed Rs 2,375 crore towards rural credit during the last year.

During 2005-06, the bank's business touched Rs 92,000 crore, up by 19 per cent over the previous year, he said.

In 2005-06, the company sold three million policies and settled over two lakh claims, Bajaj Allianz head (institutional relationship) Atanu Mukherjee said.

During the previous fiscal, the Bajaj Allianz garnered a premium income of Rs 1,290 crore.

UNI