2021-22

Annexure I

[ BANCASSURANCE POLICY 2021-22]

3
DOCUMENT VERSION CONTROL:

Document Title Bancassurance Policy 2021-22

Prepared and Verified By Chief Manager, Bancassurance Cell.

General Manager, Bancassurance Cell.
Verified By
General Manager, Bancassurance Cell.
Recommended By

Approved By Board

Board Approval Date

Effective Date

Document History:

Version No. Date of Brief Description of Changes

Approval
1.0 24.06.2015 Newly Developed

2.0 23.01.2017 No change

3.0 03.02.2018 No Change

4.0 22.01.2019 No Change
5.0 28.01.2020 No Change
6.0 The additional insurer M/s.New India Assurance
Company is included in the policy and other content of
the policy remains the same.

Next Review Date: The document should be reviewed every year.

4
 Bancassurance Policy.

1. Introduction
This policy document provides the information about the Corporate Agency model business
activity under taken by the bank for distributing the insurance product for both life and non-
life insurance. Insurance policies are offered to customers in accordance with this policy.
Banks are allowed to market insurance products of maximum of three life insurance
companies and maximum of three non-life insurance companies as per the new guidelines
for Corporate Agency under IRDAI (Registration of Corporate Agents) Regulations dated
20/08/2015.

Our Bank in principle, is engaging LIC of India for life insurance products and
(i).United India Insurance Company Ltd, (ii).New India Assurance Company Ltd for
non-life insurance products.

2. Compliance with IRDAI guidelines

We will abide by the IRDAI Regulations, with regard to Corporate Agent and the code of
conduct prescribed by IRDAI, as amended from time to time, as applicable, while
undertaking insurance activities.

3. Ensuring Customer Appropriateness and Suitability

a) We are undertaking insurance distribution business in our branches which are posted with
qualified persons.
b) While canvassing the insurance business, we are assessing the suitability of products for
the customers depending upon their personal profiles like age, annual income saving
capacity and insurance needs. Pure risk term insurance products and the policies that are
simple and easy for the customer to understand will be generally recommended.
c) We will treat the customers fairly, honestly and transparently, with regard to suitability and
appropriateness of the insurance product sold.

4. Prohibition on Payment of Commission/Incentive directly to Bank Staff by vendors:

The commission eligible for the bank will be directly paid by the insurance company to the
bank only. And there will be no incentive (cash or non-cash) paid to the staff engaged in
insurance corporate agency services by the insurance company.
5. Adherence to KYC Guidelines
The instructions / guidelines on KYC/AML/CFT applicable to banks, issued by RBI from time
to time, will be adhered to, in respect of customers (both existing and walk-in) to whom the
services of insurance under corporate agency is being provided.

6. Role of branches: Branches shall,

a) obtain the requisite documents at the time of filing the proposal form with the insured; and
other documents subsequently sought for by the insurer for the completion of the proposal
and issuance of the cover note/policy.
b) inform the customers/applicants of the policy, the prospect about the acceptance or
rejection of the proposal by the insurer
c) advise every individual policy holder to effect nomination / assignment and or change of
address or exercise of options, as the case may be, and offer necessary assistance in
this regard wherever sought for.
d) offer necessary assistance/advisory services to all the existing and future policy holders /
claimants and/or beneficiary in complying with the various requirements for settlement of
claim by the insurer and /or renewal of their policies before the expiry date.
e) As insurance is a matter of solicitation, TMB as a matter of good banking practice shall
ensure that no customer is forced to buy insurance products of its channel partners.

5
7. Transparency and Disclosures
a) The bank will not follow any restrictive practices of compelling a customer to opt for
products of a specific insurance company. It will be prominently stated in all publicity
material distributed by the bank that buying any insurance products by our customers are
purely voluntary, and are not linked to availment of any other facility from the bank.
b) Further, the details of commission received in respect of insurance corporate agency
business undertaken by the bank will be disclosed in the ‘Notes to Accounts’ in our Balance
Sheet.

8. Customer Grievance Redressal Mechanism

Insurance customers can contact directly the insurance company in case of any grievances
for both life and non-life. The bank will also facilitate the redressal of grievances.

For Life Insurance

The Regional Manager and NRM (MBAC),
Life Insurance Corporation of India, Southern Zonal Office,
LIC Building 10th Floor,
153,Anna Salai, Chennai - 600 002.
Ph:+91 70458 18418 / 044 – 28604143,
E-mail – [email protected]. Web site: www.licindia.com.

For General Insurance

(i).The Senior Divisional Manager,
United India Insurance Company Ltd.,
457,V.E.Road, Thoothukudi – 628 002.
E-mail – [email protected] Web site: www.uiic.co.in.
Mobile-+91 9444018500, 0461-2336053.

(ii).The Senior Divisional Manager.

New India Assurance Company Ltd,
No: 41 B Victoria Street,
Thoothukudi – 628001.
Ph No: 0461 – 2321528, 2300571, 2300149.
E-Mail : [email protected] Website: www.newindia.co.in

Further Clarification
The Chief Manager,
Bancassurance Cell,
Tamilnad Mercantile Bank Ltd.,
No:458 V E Road, First Floor,
Head Office Annex, Thoothukudi – 628 002.
Ph:+91 95241 47264/0461-2337800
E-mail : [email protected] Web site : www.tmb.in.
Toll Free No.:180 0425 0426

9. Validity Period of Policy

The policy is valid for 1 year from 01.04.2021 to 31.03.2022 and it will be reviewed
thereafter.
*****************

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2021-22

Annexure II

7
[ BANCASSURANCE OPEN ARCHITECTURE POLICY 2021-22 ]

DOCUMENT VERSION CONTROL:

Document Title Bancassurance Open Architecture Policy 2021-22

Prepared and Verified By Chief Manager, Bancassurance Cell.

General Manager, Bancassurance Cell.
Verified By

Recommended By General Manager, Bancassurance Cell.

Approved By Board

Board Approval Date

Effective Date

Document History:

Version No. Date of Brief Description of Changes

Approval
1.0 17.10.2015 Newly Developed

2.0 26.05.2016 No change

3.0 07.02.2017 No Change

4.0 03.02.2018 No Change
5.0 22.01.2019 No Change
6.0 28.01.2020 No Change
7.0 The additional insurer M/s.New India Assurance
Company is included in the policy and other contents
of the policy remains the same.

Next Review Date: The document should be reviewed every year.

8
 Bancassurance Open Architecture Policy

1. Introduction
This policy document provides the information about the Bancassurance Open Architecture
Policy for the activities under taken by the Bank (Corporate Agents) for distributing the
insurance products for both life and non-life insurance. Insurance policies are offered to
customers in accordance with this policy. As per the new guidelines for Corporate Agency
under the Insurance Regulatory and Development Authority of India (Registration of
Corporate Agents) Regulations 2015 (IRDAI), dated 20.08.2015, Corporate Agents may
have arrangements with a maximum of three insurers to solicit, procure and service their
insurance products.

2. Adopting the philosophy of open architecture

Under this open architecture model, we as a Corporate Agent (Composite) will be
Marketing the general insurance products of two general insurance company namely
(I )M/s.United India Insurance Company (UIIC), (ii) M/s.New India Assurance Company
Ltd (NIAC) and marketing all the life insurance products of Life Insurance Corporation
of India (LIC), since we are having a valid Corporate Agency Certificate already
obtained for 3 years from 01.04.2019 to 31.03.2022 issued by IRDAI. We follow two
insurance companies tie up for non-life and single insurance company tie up for life.

3. Compliance with IRDAI guidelines

We will abide by the IRDAI Regulations, with regard to Corporate Agent and the code of
conduct prescribed by IRDAI, as amended from time to time, as applicable, while
undertaking insurance activities.

We shall furnish the returns to the Authority if any called for life and general insurance, in
the formats specified by them.

4. Ensuring Customer Appropriateness and Suitability

a) We are undertaking insurance distribution business in our branches which are posted
with qualified Persons.
b) While canvassing the insurance business, we are assessing the suitability of products for
the customers depending upon their Personal Profiles like age, annual income & Saving
Capacity and Insurance needs. Pure risk term insurance products and the policies that are
simple and easy for the customer to understand will be generally recommended.
c) We will treat the customers fairly, honestly and transparently, with regard to suitability
and appropriateness of the insurance product sold.

5. Adherence to KYC Guidelines

The instructions / guidelines on KYC/AML/CFT applicable to banks, issued by RBI from time
to time, will be adhered to, in respect of customers (both existing and walk-in) to whom the
services of insurance under corporate agency is being provided.

6. Role of branches
a) Branches shall obtain the requisite documents at the time of filing the proposal form with
the insurer; and other documents subsequently sought for by the insurer for the
completion of the proposal and issuance of the cover note/policy.
b) Branches shall inform the customers/applicants of the policy, the prospect about the
acceptance or rejection of the proposal by the insurer
c) Branches shall advise every individual policy holder to effect nomination / assignment
and / or change of address or exercise of options, as the case may be, and offer
necessary assistance in this regard wherever sought for.

9
d) Branches shall offer necessary assistance/advisory services to all the existing and future
policy holder / claimants and/or beneficiary in complying with the various requirements
for settlement of claim by the insurer and / or renewal of their policies before the expiry
date.
e) As insurance is a matter of solicitation, TMB a matter of good banking practice shall
ensure that no customer is forced to buy insurance products of its channel partners.
7. Transparency and Disclosures
a) The bank will not follow any restrictive practices of compelling a customer to opt for
products of a specific insurance company. It will be prominently stated in all publicity material
distributed by the bank that the buying any insurance products by our customers are purely
voluntary, and are not linked to availment of any other facility from the bank.
b) Further, the details of commission received in respect of insurance corporate agency
business undertaken by the Bank will be disclosed in the ‘Notes to Accounts’ in our Balance
Sheet.

8. Customer Grievance Redressal Mechanism

Insurance Customers can contact directly the insurance company in case of any grievances
for both life and non-life. The Bank will also facilitate the redressal of grievances.

For Life Insurance:-

The Regional Manager, B & AC,
Life Insurance Corporation of India, Southern Zone,
153, Anna Salai, LIC Building, Chennai - 600 002.
Ph:+91 91760 – 00517 / 044 – 28604143.
E-mail – [email protected]. Web site: www.licindia.com.

For General Insurance:-

(i). The Senior Divisional Manager,

United India Insurance Company Ltd.,
457, V.E. Road, Thoothukudi – 628 002.
Mobile – 94440 – 18500 / 0461-2321275.
E-mail – [email protected] Web site: www.uiic.co.in.

(ii). The Senior Divisional Manager.

New India Assurance Company Ltd,
No: 41 B Victoria Street,
Thoothukudi – 628001.
Ph No: 0461 – 2321528, 2300571, 2300149.
E-Mail : [email protected] Website: www.newindia.co.in

Further Clarification:-
The Chief Manager, Bancassurance Cell,
Tamilnad Mercantile Bank Ltd.,
No:458 V E Road, First Floor,
Head Office Annex, Thoothukudi – 628 002.
Ph:+91 95241 – 47264 / 0461-2337800.
E-mail : [email protected].
Toll Free : 180 0425 0426. Web site : www.tmb.in.

9. Validity Period of Policy

The policy is valid for 1 year from 01.04.2021 to 31.03.2022 and it will be reviewed
thereafter.
*****************

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