Punjab & Sind Bank (PSB), a public sector bank, and Bajaj Allianz Life Insurance Company (BALIC) have entered into a Corporate Agency Partnership.
The partnership will allow PSB’s new and existing customers to avail a variety of retail life insurance products from BALIC including term, savings, retirement and investment options.
It will allow BALIC to offer protection and savings life insurance plans to bank’s customers through its branch network.
Swarup Kumar Saha, MD & CEO, Punjab & Sind Bank and Tarun Chugh, MD & CEO, BALIC signed the partnership agreement in the capital on Wednesday.
PSB is the 25th Schedule Commercial Bank that is partnering with BALIC for distributing its life goals-based product suite.
Swarup Kumar Saha, MD & CEO, PSB said, “Punjab & Sind Bank is happy to partner with a leading private life insurer to offer our customers with value-packed solutions for their life insurance needs. The Bank is in the phase of diversifying its third party product portfolio and with this tie-up we are happy to announce the introduction of Credit Life protection for our loan customers”.
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “It is a prestigious moment for all of us at Bajaj Allianz Life Insurance. To provide the Bank’s customers, across segments, a delightful experience towards fulfilling their life goals with us, we have a comprehensive suite of products and services backed by robust technology.
The life insurer will work closely with the bank to enable customers to get seamless service and help them achieve their long-term financial goals in a planned manner.
This includes responding to customer support requests made via WhatsApp or a self-service tool like the Bajaj Allianz Life LifeAssist App, in addition to the well-trained bank employees servicing the life insurance division.