India Post Payments Bank, Department of Posts, Bajaj Allianz announce strategic partnership

Pune / New Delhi: India Post Payments Bank (IPPB), Department of Posts and Bajaj Allianz Life Insurance Company (BALIC) today announced a strategic partnership for offering term and annuity products to customers through the Bank’s extensive network of 650 branches and over 136,000 banking access points.

The tie-up will enable customers, particularly from weaker sections and living in unbanked and underserved areas, to become financially secure and empowered, and is in line with IPPB’s objective of offering value added products and services to its customers.

The announcement was made during a media meet attended by Pawan Kumar Singh, DDG – FS & PBI, Department of Posts (DoP); J. Venkatramu, MD & CEO, India Post Payments Bank; and Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance Company and other senior officials.

Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal are the term and annuity products, which will be offered as per this strategic alliance.

Bajaj Allianz Life Smart Protect Goal, a comprehensive and value-added term insurance product, is designed to give immediate financial support to a family in the event of an untimely death of the breadwinner. Bajaj Allianz Life Guaranteed Pension Goal, an annuity plan, aims to meet post retirement expenses as it offers guaranteed and fixed regular income till the person is alive.

Both these products will be available to customers in addition to DoP’s existing PLI (Postal Life Insurance) & RPLI (Rural Postal Life Insurance) products.

Speaking about the partnership, Vineet Pandey, Secretary, Department of Posts said, “At India Post, we are committed towards 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 all-inclusive manner. Customers can continue to avail savings products of Postal Department, and simultaneously benefit from these term and annuity insurance products for fulfilling their long-term financial needs.”

J. Venkatramu, MD & CEO, India Post Payments Bank said “Driven by the need to ensure financial security and meet unforeseen medical emergencies, life insurance has emerged as a significant investment tool in recent times. IPPB already offers Pradhan Mantri Jeevan Jyoti Bima Yojana to its customers that aligns with Government’s mission of creating a universal social security net and making insurance affordable for underprivileged and disadvantaged sections. With these term and annuity insurance products, our successful relationship with Bajaj Allianz Life has expanded further. 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.”

“As we continue to work towards enabling the life goals of people, we are honored to partner with IPPB and DoP who are trusted partners for millions of customers. This is a new milestone for us as we are the first life insurer to offer value-packed products to customers through IPPB’s and DoPs diverse network. 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 & CEO, Bajaj Allianz Life Insurance Company.