New Delhi [India], Private lender Federal Bank has tied up with Tata AIA Life Insurance Company to provide its customers access to the insurance company's products. Bancassurance refers to the agreement between a bank and an insurance company through which the bank sells insurance products. Federal Bank has a wide network, which will enable Tata AIA to further strengthen its footprint, the respective insurers said in a joint release to their customers on Thursday. Federal Bank customers can now avail life insurance solutions from Tata AIA. Life insurance penetration in India is still low and has immense potential “This partnership aims to bring the best insurance products to our valued customers. It is a well-known fact that insurance penetration among Indian consumers is low, and through With this partnership, the Bank aims to enhance financial security and wealth management for our customers,” said Shaleen Warrier, Executive Director, Federal Bank. Ramesh Vishwanathan, Chief Delivery Officer-Bancassurance, Tata AIA Life Insurance said, “We are looking forward to a long It is a pleasure to enter into a long-term relationship with a reputed and technology savvy bank like Federal Bank, Vishwanathan said, adding that this collaboration will enable them to provide diverse insurance solutions to the bank's customers, enabling them to meet their aspirations. And to protect your loved ones, Federal Bank has a network of around 1,504 branches serving non-resident Indian customers in the UAE. No. Gujarat International Finance Tech-City (GIFT City) also has an IFSC Banking Unit (IBU). Deposits and loans stood at Rs 4.62 lakh crore as of March 2024.