Quick Overview
Many people prefer buying health insurance through their bank because it’s simple and convenient. However, buying insurance through a bank works differently than most people expect, especially when it comes to claims and policy terms.
If you’re thinking about getting a policy through Canara Bank Health Insurance, this guide will explain how it works, which insurers they partner with, and what to consider before buying.
Canara Bank Health Insurance: Overview
Canara Bank, a leading public-sector bank in India, is a registered Corporate Agent under IRDAI (Licence No. CA0045). This means:
- The bank does not design or underwrite insurance policies.
- Its job is to help you apply for a policy and send your application to the insurer.
- All policy rules, claim approvals, underwriting decisions, and coverage decisions are made by the insurance company.
In short, the bank’s support is mostly administrative; to help with paperwork and payments.
Which Health Insurers Partner With Canara Bank?
As per Canara Bank’s official disclosures, the following insurers partner with the bank for health insurance:
- The New India Assurance Company Limited
- Bajaj General Insurance Company Limited
- Tata AIG General Insurance Company Limited
If you buy a policy through Canara Bank Health Insurance, the insurance contract is issued by the respective insurer, not by the bank.
Popular Health Insurance Plans Available Through Canara Bank
New India Assurance’s CAN Mediclaim
This is a customized health insurance plan designed specifically for Canara Bank customers. It offers coverage for individuals and families at competitive premiums and is commonly promoted through bank branches.
Bajaj Allianz General Insurance’s Group Health Plans
Bajaj Allianz offers group-based health insurance plans through Canara Bank, including Group Mediclaim and Group Top-Up plans. These plans focus on hospitalisation cover and may include recovery or relief benefits, depending on the structure.
Tata AIG General Insurance Group’s Medicare 360
Tata AIG provides Group Medicare 360 and related top-up plans through Canara Bank. These plans are often used to provide broader family coverage or to enhance existing health insurance limits.
Note: Availability of Canara Bank Health Insurance plans depends on insurer partnerships, branch availability, and ongoing campaigns. Always confirm the latest options with your branch before deciding.
Pros of Buying Health Insurance via Canara Bank
Convenience
Buying a policy at your bank branch is simple, especially if you already have an account.
Access to Trusted Insurers
Canara Bank partners with well-known insurers with strong financial and operational records.
Single Point of Contact
The bank guides you through the purchase process, which is helpful if you prefer support instead of researching multiple insurers yourself.
Things to Keep in Mind While Buying Health Insurance Through Canara Bank
- Limited Options: A Corporate Agent (CA) can tie up with only a few insurers (up to 9). This means you’ll see only the products from those insurers, not the full range of health insurance plans available in the market.
It’s not a limitation of the bank itself, but just how the CA model works under IRDAI rules. - Bank Is Not the Insurer: Many people assume the bank is responsible for claims or coverage. Actually, the insurance company manages all underwriting, policy rules, approvals, and claim decisions.
The bank only acts as a distributor and cannot influence claim approvals or rejections. - Support During Claims: Bank staff can help you with buying the policy and submitting documents, but they are not trained claim specialists. In case of an emergency, they may only guide you on how to contact the insurer.
They typically do not provide complete assistance with claim filing, escalation, or hospital coordination. - Suitability Checks: Choosing the right health insurance depends on your age, existing health conditions, lifestyle, preferred hospitals, and other personal factors.
Bank discussions are usually brief, so some of these important points may not be fully explored. - Check Documentation Carefully: Forms at the branch may be filled quickly, and customers might sign without reviewing every detail.
Even small omissions or mistakes can create issues when making a claim, so it’s important to read and fill out all forms carefully. - Group Health Plans: Canara Bank Health Insurance often offers group policies for account holders. These plans are linked to the bank’s agreements with the insurer. If the agreement changes or ends, the plan’s terms, pricing, or availability may also change at renewal.
While group plans can be convenient and affordable for short-term needs, they may not offer the long-term security of standard individual policies.
How Canara Bank Earns Revenue on Health Insurance
Canara Bank makes money by earning a commission from insurers when it sells their health insurance plans. This income follows IRDAI’s rules on Expenses of Management (EoM) and commissions.
Here are a few things to keep in mind:
- The premium you pay stays the same whether you buy the policy through Canara Bank or directly from the insurer; the bank doesn’t add any extra fee.
- IRDAI sets standard pricing guidelines for health insurance, so premiums are controlled by regulation. Some small channel-specific discounts (for online or digital purchases) may be available, but overall prices are standard.
Why Choose 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:
- No-Spam & No Salesmen
- Rated 4.9/5 on Google Reviews by 15,000+ happy customers
- Backed by Zerodha
- Dedicated Claim Support Team
- 100% Free Consultation
You can book a FREE consultation. Slots are running out, so make sure you book a call now!
Ditto’s Take
If you plan to buy a policy through Canara Bank Health Insurance, take a moment to understand how it works.
The bank offers policies from only a few partner insurers. Many of these, especially group plans, exist because of specific tie-ups between the bank and the insurer.
Over time, these partnerships can change, and that may affect the plan’s availability or terms at renewal. This isn’t necessarily a problem but it’s simply how bank-linked insurance products work.
If you want clear and unbiased guidance before choosing a policy, whether through a bank or directly from an insurer, you can speak to a Ditto expert.
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