APCOB has obtained permission from RBI to undertake insurance business as a Corporate Agent without risk participation on 24.11.2020 and registered with IRDAI as a Corporate Agent under Composite (Life, Health & General) categories on 02.07.2021 with the Registration Number CA0757. After obtaining the required permissions, the Bank has tied up with M/s IFFCO–TOKIO General Insurance Company Limited in General & Health categories and with M/s CANARA HSBC Life Insurance Company Limited, M/s HDFC Life Insurance Company Limited and M/s ICICI Prudential Life Insurance Company Limited in a phased manner.

The Bank offers the following Insurance services to all type customers of the Bank:

General & Health Insurance Plan

As of now, the above products are offering by M/s IFFCO–TOKIO General Insurance Company Limited.

Life Insurance Plans

As of now, the above products are offering by M/s HDFC Life Insurance Company Limited.

For more details, please contact your nearest APCOB branches or reach out to our toll free number 1800–425–2345.

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    Q1: What is insurance?

    A1: Insurance is a contract between an individual (or an entity) and an insurance company, where the individual pays a premium in exchange for financial protection or reimbursement against losses and damages specified in the policy.

    Q2: What types of insurance are there?

    A2: There are various types of insurance, including life insurance, health insurance, auto insurance, home insurance, travel insurance, and business insurance, among others. Each type serves a specific purpose and provides coverage for particular risks.

    Q3: Why do I need insurance?

    A3: Insurance provides financial security and protection against unexpected events or disasters. It helps individuals and businesses manage risks by covering potential losses, such as medical expenses, property damage, or liability claims, ensuring that they do not face significant financial hardships.

    Q4: How is the cost of insurance determined?

    A4: Insurance premiums are determined based on several factors, including the type of insurance, coverage amount, the risk profile of the insured (such as age, health, driving record), the deductible amount, and the insurance company's calculations based on actuarial data.

    Q5: What is a deductible?

    A5: A deductible is the amount of money that the insured person must pay out of pocket before the insurance company starts covering the costs. For example, in health insurance, if you have a $500 deductible, you must pay $500 for medical expenses before your insurance coverage begins.