Ministry of Communications
India
Post Payments Bank, Department of Posts in Strategic Alliance with Bajaj
Allianz Life Insurance for Term and Annuity Products
Partnership to empower the field force to complement the financial inclusion
vision of IPPB and Department of Posts
IPPB-BazaPosted
On: 11 NOV 2021 5:58PM by PIB 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 ShriPawan Kumar Singh, DDG – FS & PBI, Department of Posts
(DoP); Shri J. Venkatramu, MD & CEO, India Post Payments Bank; and Shri
TarunChugh, MD & CEO, Bajaj Allianz Life Insurance Company and other senior officials.
Bajaj Allianz Life
Smart Protect Goaland 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, Shri 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.”
Shri
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 MantriJeevanJyotiBimaYojana
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 GraminDakSevaks 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 techenabled services and
enhancements towards this alliance are designed keeping our customer’s ease of
experience and delight in mind.”said Mr. TarunChugh, MD & CEO, Bajaj
Allianz Life Insurance Company.
Unique
services that will be offered to DoP-IPPB-BALIC customers:
·
Term & Annuity
Products viz. Bajaj Allianz Smart Protect Goal & Bajaj Allianz Guaranteed
·
Pension Goal oBoth the
products available on easy to sell POS platform
o Term product viz. Bajaj Allianz Smart Protect
Goal has option of return of premium on maturity
o Annuity Product viz. Bajaj Allianz Guaranteed
Pension Goal also offers return of purchase price as legacy upon death of
annuitant
·
100% digital buy
journey to ensure reach to the last mile and contribution to the digital literacy
vision of Government of India
About
India Post Payment Bank
India Post Payments Bank (IPPB) has been
established under the Department of Posts, Ministry of Communication with 100%
equity owned by Government of India. IPPB was launched by the Hon’ble Prime
Minister Shri Narendra Modi on September 1, 2018. The bank has been set up with
the vision to build the most accessible, affordable and trusted bank for the
common man in India. The fundamental mandate of IPPB is to remove barriers for
the unbanked & underbanked and reach the last mile leveraging a network
comprising 155,000 post offices (135,000 in rural areas) and 300,000 postal
employees.
About
Bajaj Allianz Life Insurance Company
Bajaj Allianz Life is one of the leading
private life insurance companies in India. The Company is a partnership between
two powerful and successful entities in their own right – Bajaj Finserv
Limited, one of India’s most diversified non-banking financial institution and
Allianz SE, one of world’s leading asset manager and insurer.
Commencing its operations in 2001, Bajaj
Allianz Life has in less than two decades expanded its presence across the
country. It serves millions of customers through its 509 branches, 80,000+
agents (as on 30 June 2021), and comprehensive set of trusted partners and via
its online sales channel.
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RKJ/M
(Release ID: 1771000)
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