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State-owned India Post Payments Bank (IPPB) and private life insurer Bajaj Allianz Life Insurance Co Ltd (BALIC) on Tuesday entered into a strategic partnership to provide life insurance solutions, especially at the doorstep of every household in the country.
This partnership will leverage IPPB’s last mile reach for building awareness about life insurance. Both the companies came together today, to formally sign the Corporate Agency Agreement.
BALIC is the first life insurer to partner with IPPB after the latter was launched in the capital at the hands of the Prime Minister Narendra Modi on September 1. IPPB has begun operations with 650 branches and 3,250 access points across the country. Plans are afoot to leverage the services of postmen and ‘Grameen Dak Sevaks’ for providing insurance solutions.
With this partnership, IPPB customers across segments can access a wide array of simple yet value-rich life insurance products and services.
Initially, simple term and Point of Sale (POS) products of BALIC will be sold through the IPPB, said Tarun Chugh,, Managing Director & CEO, BALIC..
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.
Speaking at the event, 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.”
Commenting on the partnership, 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. 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. We are keen to leverage BALIC’s expertise to strengthen our product proposition for our customers.”
Speaking on the 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.
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