Quick Overview
For many people, buying insurance through their bank feels like the easiest first step. It is convenient, and there’s someone to guide you through the process.
But the bancassurance model doesn’t always work the way most buyers expect. The structure, servicing, and long-term experience can be different from buying directly from an insurer. Understanding this distinction can make a huge difference later, especially during claims or renewals.
In this article, we’ll break down how Bank of India health insurance works, the insurers it partners with, and what you should check before making a decision.
Bank of India Health Insurance: Key Details
Bank of India is one of India's largest public-sector banks. It is registered with IRDAI as a Corporate Agent (Licence No. CA0035), which authorizes BOI to distribute health insurance plans designed and underwritten by insurance companies.
The bank’s role is limited to facilitating the purchase and forwarding applications to the insurer. All policy terms, underwriting decisions, and claim outcomes are handled entirely by the issuing insurer. The bank holds no legal liability for approvals, rejections, or payouts.
Which Health Insurers Partner With the Bank of India?
Standalone Health Insurers
General Insurers Offering Health Plans
These companies offer other products as well, like motor, fire, and travel insurance.
- Bajaj General Insurance Co. Ltd.
- Future Generali India Insurance Co. Ltd. (now Generali Central)
- Reliance General Insurance Company (Now IndusInd General) Ltd.
Note: Bank of India's partnership with Star Health and Allied Insurance was terminated effective January 30, 2026. The reason for the termination has not been published formally. Plans from Star Health are no longer available through the BOI channel. If you have an existing policy, it will be directly regulated by Star Health.
Most Popular Bank of India Insurance Plans: What Do They Offer?
- Care Health Insurance
BOI offers several plans from Care Health, including BOI Care Health Suraksha, a plan specially designed for BOI account holders. Other plans include Care Care, Care Advantage, Care Senior, and Cancer Mediclaim, which cover individuals, families, and those with specific health needs.
- Niva Bupa Health Insurance
Common plans include ReAssure (one of Niva Bupa’s most comprehensive plans), Senior First, and the Health Recharge super top-up.
- Plans from General Insurers
BOI offers family healthcare policy from Bajaj General Insurance (Formerly Bajaj Allianz), and plans like Health Total, Health Unlimited, and Health Absolute from Generali Central.
Important Note:
- Available plans depend on BOI's current insurer partnerships, which can vary by time and location. Always confirm the latest options with your branch or relationship manager before deciding.
- For the most recent BOI health insurance premium chart, request an updated copy directly from the insurer or branch, as premiums are revised periodically.
Pros of Buying Health Insurance via Bank of India
Convenience
The onboarding process is familiar and guided. Your relationship manager (RM) handles paperwork and coordinates with the insurer, making the purchase simple.
Backed by Trusted Insurers
BOI's partner insurers, including Care Health and Niva Bupa, have solid operational track records, with average claim settlement ratio (CSR) of 93% for Care and 92% for Niva Bupa over the last three years (FY 2022-25).
Dedicated Assistance During Purchase
During purchase, the bank acts as your primary touchpoint, which can be especially helpful for buyers who prefer guided assistance over researching multiple options independently.
Things to Keep in Mind When Buying Health Insurance Through Any Bank
- Limited Insurer Options
A corporate agent can tie up with only a limited number of insurers (up to 9). This means you may not see the full range of plans available in the market. Depending on your coverage requirements, a plan outside the bank's offerings may be better suited to you.
- Group Plans vs Individual Plans
Banks offer group plans at affordable prices. While they can be useful, they work differently from standard retail policies. Since these plans are dependent on insurer-bank partnerships, coverage and continuity can change over time.
- Documentation and Health Declarations
Bank interactions are often fast-paced. If medical declarations are filled quickly or without thorough review, even an unintentional omission can create complications during claims. Always review your application form and confirm all health details before applying.
- Suitability Checks
Choosing the right health plan depends on several factors, including your age, existing conditions, preferred hospitals, employer coverage, and maternity needs. Group plans tend to focus on product features rather than personalized suitability.
- Using the Bank Channel Responsibly
You can consider buying health insurance through a bank as long as you verify which insurer is issuing your policy and compare the recommended plan with a few other options. Never treat insurance as compulsory for availing a bank loan or any other service.
Buying Health Insurance: BOI vs Insurers
How Bank of India Earns Revenue on Health Insurance?
Bank of India earns commissions from its partner insurers for distributing their products, as permitted under IRDAI's Corporate Agent Regulations and Expenses of Management (EoM) guidelines. This is standard practice across all bancassurance distributors. A few things to keep in mind:
- Your premium does not increase because the bank earns a commission, which comes from the insurer's expense budget.
- Base pricing is standardized across channels, though minor online discounts (typically 5-10%) might be available directly from the insurer.
For transparency, BOI also publishes commission rate charts from each partner insurer.
Why Talk to Ditto for Health Insurance?
At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Abhinav below love us:
- 100% Free Consultation
- Dedicated Claim Support Team
- Backed by Zerodha
- Rated 4.9/5 on Google Reviews by 15,000+ happy customers
- No-Spam & No Salesmen
You can book a FREE consultation here. Slots are filling up quickly, so be sure to book a call now or chat on WhatsApp with us.
Ditto’s Take
Bank of India gives you access to some solid insurers, and buying a plan through the bank is simple. But convenience is where the bank's role ends. Underwriting, claims, renewals, and long-term policy servicing are handled by the partner insurer.
So, before you buy, confirm and compare which insurer is issuing your policy and whether it's a group plan or an individual retail policy. This helps you understand how renewals, servicing, and long-term suitability differ across insurers. If you're not sure what to look for in a health plan, our guide on how to choose health insurance is a good place to start.
Disclosure: Ditto is also an IRDAI-licensed Corporate Agent (Licence No. CA0738, valid till December 9, 2026), with insurance advisory as our primary focus. While we aim to explain bancassurance objectively, our perspective may carry some inherent bias. We encourage you to compare multiple options from official sources and choose what works best for you.
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