The selling of Insurance products by banks to their established customers is known as Bancassurance . Banks and insurance company come up with an arrangement wherein the bank sells the insurance products of specific Insurance companies (Life and or general Insurance companies) with whom they have tied up. In this arrangement, both banks and insurance companies are benefited. As a corporate agent of the insurance company the bank earns commission (non-interest income), in the other hand, the insurance company increases its market reach and customers through its corporate agent banks.
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