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Aimed at offering life insurance solutions to the rural masses, Bajaj Allianz Life has announced its strategic partnership with Kerala-based ESAF Small Finance Bank, which will enable customers enjoy the benefits of the organised financial services sector.
The company signed the MoU with ESAF at an event in Kochi on Friday. With this partnership, ESAF SFB aims to further expand its financial services in a more planned manner.
Bajaj Allianz Life will empower ESAF SFB customers with value-packed solutions, including customised life insurance products linked with savings. Speaking on the occasion, Tarun Chugh, MD and CEO, said the focus is to create two or three key products in different categories such as group products, retail, and life-long in the first leg by March-end. The insurance solutions would be available across India through the banking outlets of ESAF SFB.
According to him, the insurance market in India is quite healthy, particularly after demonetisation, and the sector is expected to achieve a growth of close to 15 per cent by the end of the current fiscal. Bajaj Allianz Life has collected a new business premium of ₹1,934 crore up to September, and is looking at double-digit growth by this fiscal-end, he added.
K Paul Thomas, MD and CEO, ESAF Small Finance Bank, termed the partnership – the first since the launch of the bank in March 2017 – as one of the main objectives to offer insurance products to customers in the remotest parts of the country, thereby achieving the financial inclusion goal of the government.
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