The India Post Payments Bank (IPPB), the Department of Posts, and the Bajaj Allianz Life Insurance Company (BALIC) have entered into a strategic partnership to provide term and annuity products to customers through the bank’s extensive network of 650 branches and over 136,000 banking access points.
Customers, particularly those from weaker sections and those who live in unbanked and underserved areas, will benefit from the partnership, which will enable them to become financially secure and empowered. The term and annuity products that will be offered as part of this alliance are Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal.
Vineet Pandey, Secretary, Department of Posts said, “We are committed towards improving the lives of millions of people who do not have easy access to insurance and other financial services.”
J Venkatramu, MD and CEO, IPPB said, “Through our deep and robust network of banking access points, and Gramin Dak Sevaks and Postmen, we are committed to offering comprehensive financial solutions to our customers.”
“We are confident that this partnership will play an integral role in increasing the adoption of life insurance across various customer segments. Our tech-enabled services and enhancements towards this alliance are designed keeping our customer’s ease of experience and delight in mind,” said Tarun Chugh, MD and CEO, BALIC.