India Post Payments Bank ie IPPB (India Post Payments Bank) and Bajaj Allianz Life Insurance Company ie BALIC (Bajaj Allianz Life Insurance) have partnered to sell insurance products. In fact, IPPB and BALIC on Thursday announced a partnership to offer term and annuity products to customers through the bank’s network of 650 branches and over 136,000 banking access points. IPPB MD and CEO J. The announcement was made during a virtual press meet by Venkataramu, BALIC MD and CEO Tarun Chugh and other senior officials.
New Delhi. India Post Payments Bank ie IPPB (India Post Payments Bank) and Bajaj Allianz Life Insurance Company ie BALIC (Bajaj Allianz Life Insurance) have partnered to sell insurance products. In fact, IPPB and BALIC on Thursday announced a partnership to offer term and annuity products to customers through the bank’s network of 650 branches and over 136,000 banking access points. IPPB MD and CEO J. The announcement was made during a virtual press meet by Venkataramu, BALIC MD and CEO Tarun Chugh and other senior officials.
Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal are term and annuity products that will be offered as per this alliance. Bajaj Allianz Life Smart Protect Goal, a comprehensive and value-added term insurance product, is designed to provide immediate financial support to the family in the event of the untimely death of the earning member of the household. On the other hand, Bajaj Allianz Life Guaranteed Pension Goal aims to meet the post-retirement expenses as it provides a guaranteed and fixed regular income till the person is alive. Both these products will be available to the customers in addition to the existing PLI (Postal Life Insurance) and RPLI (Rural Postal Life Insurance) products of the Department of Posts.
Vineet Pandey, Secretary, Department of Posts said, “At India Post, we are committed to improving the lives of millions of people who do not have easy access to insurance and other financial services. This partnership will enable customers to manage their financial goals in an inclusive manner. Customers can continue to avail the savings products of Department of Posts as well as avail these term and annuity insurance products to meet their long term financial needs.”
J. Venkataramu, MD & CEO, India Post Payments Bank said, “Life insurance has emerged as an important investment tool in recent times to ensure financial security and meet unforeseen medical emergencies. IPPB is already offering Pradhan Mantri Jeevan Jyoti Bima Yojana plan to its customers which is in line with the government’s mission of creating a universal social safety net and making insurance affordable for the underprivileged sections. With these term and annuity insurance products, our successful association with Bajaj Allianz Life has expanded further. Through our deep and strong network of banking touch points and Gramin Dak Sevaks and Postmen, we are committed to provide comprehensive financial solutions to our customers.”
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance Company said, “We continue to work towards enabling people’s life goals. We are now very pleased to partner with IPPB and DOP who are trusted partners for millions of customers. This marks a new milestone in our journey as we are the first life insurer to offer value-packed products to the customers through IPPB and DOP diverse network. We are confident that this partnership will play an integral role in the adoption of life insurance across various customer segments. Towards this alliance, our technology-enabled services are designed to enhance and make the experience of our customers more at ease.”
