Federal Bank, one of India’s leading Private Sector Banks, announced an extension of its partnership with Ageas Federal Life Insurance by offering Group Credit Shield for Federal Bank’s Credit Card holders. Group Credit Shield is an exclusive cover and equals the credit limit, up to a maximum of Rs. 3 Lakh for a term of 1 year.
This hassle-free and innovative sachet product requires no additional documents, no medical examinations, and is a single premium plan. Catering to customers, especially millennials, who desire ease and convenience, while at the same time ensuring safety and security, the Group Credit Shield plan can be bought online within 3 minutes with just a few clicks.
Federal Bank currently has three variants of Credit Cards namely Celesta, Imperio and Signet in association with Visa, Mastercard and Rupay respectively. Each card is designed to cater to the needs of different segments of customers.
Commenting on the launch, Karthik Raman, Chief Marketing Officer and Head – Products, Ageas Federal Life Insurance said, “We are delighted to partner with Federal Bank to introduce our Group Credit Shield for Federal Bank’s Credit Card customers. Group Credit Shield provides customers with a life insurance cover that will secure their credit spending and protects their loved ones from having to shoulder the burden of repaying the debt in case of an unfortunate incident.”
Shalini Warrier, Executive Director, of Federal Bank said, “The Group Credit Shield product is designed to enhance Federal Bank’s credit card proposition. The ease & convenience that a completely digital process provides will surely add to customer convenience. By offering such bite-sized, bundled products, we hope to further increase insurance penetration in the country.”
Federal Bank is a leading Indian private sector bank with a network of around 1,323 banking outlets and 1,876 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.50 Lakh Crore as on 30 September 2022. The capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 13.84% as of 30th September 2022. Federal Bank has Representative Offices in Dubai and Abu Dhabi that serve as nerve centres for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.