The government’s vision of a financially inclusive society received another shot-in-the-arm through the strategic partnership between India Post Payments Bank (IPPB) and Bajaj Allianz Life Insurance. Both the companies came together today, to formally sign the Corporate Agency Agreement.
The partnership with Bajaj Allianz Life Insurance, the first life insurer to tie-up with the newly formed bank, will ensure that the awareness on the benefits of life insurance reaches every IPPB customer. IPPB customers across segments can access a wide array of simple yet value-rich life insurance products and services. These products will first be available across IPPB’s network of 3250 access points, gradually expanding to 155,000 post offices across every village, town and district in India.
Shri A. N. Nanda, Secretary, Department of Posts, said, “Financial inclusion and financial literacy are the key requirements for any progressive nation, and I believe this partnership will enable India move steadily in that direction. A partnership that brings together a government entity and a large private life insurance player together to take forward such a critical mandate showcases the dedication of the government and the brand to deliver on the vision they have for the country.”
IPPB MD & CEO, Suresh Sethi, said, “The aim of India Post Payments Bank is to build the most accessible, affordable and trusted bank for the common man and to spearhead the financial inclusion by removing the barriers for the unbanked and underbanked population. IPPB has invested in cutting edge technology to provide simplified, convenient and secure banking to its customers. As we look forward to becoming India’s most accessible bank, it is important to drive financial inclusion through financial literacy. This strategic partnership will enhance customers’ understanding on how life insurance secures them against life risks and also provide them access to the products to mitigate such risks. Bajaj Allianz Life is the leader in managing life insurance across segments, and we are keen to leverage their expertise to strengthen our product proposition for our customers.”
Speaking on the momentous occasion, Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “We are both excited and proud about our strategic partnership with IPPB, India’s largest payments bank, with an unmatched network and a brand that resonates with every Indian. We are confident that the strength of their network coupled with our expertise will work to increase awareness about life insurance, and help many more Indians leverage the benefits of life insurance to achieve their life goals through affordable solutions. Bajaj Allianz Life has dedicated teams across the board to ensure this partnership benefits IPPB, its customers, and imbibes the financial inclusion vision of the country.”
Products and Services
Keeping in mind IPPB’s key customer segments, Bajaj Allianz Life along with IPPB will offer life insurance solutions, which will also include a comprehensive life insurance cover with accidental permanent total and partial disability benefit and accelerated critical illness.
IPPB offers a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. These products, and related services, are offered across multiple channels (Post office counters, doorstep services and self-service channels) using the bank’s industry-grade technology platform.
Bajaj Allianz Life Insurance is one of the leading players offering life insurance solutions to the low-income customer segment. Today, the company works with a large base of micro finance institutions (MFIs) offering life insurance. The company will leverage this rich experience and expertise to understand the needs of IPPB customers, as well as offer them unique services that will enable them to meet their life goals, effectively.