India Post Payments Bank (IPPB), Department of Posts and Bajaj Allianz Life Insurance Company (BALIC) on Thursday 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 Shri 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.