India Post Payments Bank (IPPB), Department of Posts and Bajaj Allianz Life Insurance Company (BALIC) has 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.
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. Both these products will be available to customers in addition to DoP’s existing PLI (Postal Life Insurance) & RPLI (Rural Postal Life Insurance) products.
The announcement was made during a media meet attended by Shri Pawan Kumar Singh, DDG – FS & PBI, Department of Posts (DoP); Shri J. Venkatramu, MD & CEO, India Post Payments Bank; and Shri Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance Company and other senior officials.