Post Office to sell 2 insurance schemes in partnership with Bajaj Allianz, check how you can benefit

Bajaj Allianz Life Insurance will leverage the IPPB's extensive network to sell its insurance products.

New Delhi: Bajaj Allianz Life Insurance has partnered with India Post Payments Bank (IPPB) and the Department of Posts (DoP) in a bid to tap rural customers. The private insurer will offer two insurance products - term and annuity products - to customers. 

Bajaj Allianz Life Insurance is aiming to leverage the IPPB's extensive network of 650 branches and over 1,36,000 banking access points to sell its financial products to customers living in rural areas. 

With the partnership, the companies are aiming to bridge the financial ga by offering insurance products to the unbanked. The three partners jointly said, “The partnership aims to enable the customers, particularly from the weaker sections and living in un-banked and underserved areas, so that they can be financially secure.”  

Bajaj Allianz Life Insurance will retail its two products - Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal, the term and annuity products, respectively.

Bajaj Allianz Life Smart Protect Goal is a term insurance product that gives immediate financial support to a family in the event of the death of the breadwinner. On the other hand, Bajaj Allianz Life Guaranteed Pension Goal is an annuity plan that offers guaranteed and fixed regular income till the insurer is alive.

Department of Posts will sell the two products in addition to its two similar existing products - Postal Life Insurance and Rural Postal Life Insurance.

"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. 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," IPPB Managing Director and CEO J Venkatramu said. 

Bajaj Allianz Life Insurance Company MD and CEO Tarun Chugh said this is a new milestone for the company as it is the first life insurer to offer value-packed products to customers through IPPB's and DoP's diverse network. Also Read: Nirmala Sitharaman to meet CMs, state FMs on Nov 15, will discuss measures to attract private investments

"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," Chugh said. Also Read: EPFO Big update! Money for dependent or nominee due to accidental death doubled to Rs 8 lakh --Details here

- With input from wires.