India Post Payments Bank (IPPB), Department of Posts, and Bajaj Allianz Life Insurance Company on Thursday announced a partnership for offering term and annuity products to customers through the bank’s network of 650 branches and over 136,000 banking access points.
The tie-up will enable customers, particularly from weaker sections and living in unbanked and underserved areas, to become financially secure and empowered, and is in line with IPPB’s objective of offering value-added products and services to its customers.
Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal are the term and annuity products, which will be offered as per this strategic alliance, according to the Bajaj Alliance press release. Bajaj Allianz Life Smart Protect Goal, a comprehensive and value-added term insurance product, is designed to give immediate financial support to a family in the event of an untimely death of the breadwinner.
Bajaj Allianz Life Guaranteed Pension Goal, an annuity plan, aims to meet post-retirement expenses as it offers guaranteed and fixed regular income till the person is alive. Both these products will be available to customers in addition to DoP’s existing PLI (Postal Life Insurance) & RPLI (Rural Postal Life Insurance) products.
Vineet Pandey, Secretary, Department of Posts said, “Customers can continue to avail savings products of Postal Department, and simultaneously benefit from these terms and annuity insurance products for fulfilling their long-term financial needs.”
Services that will be offered to DoP-IPPB-BALIC customers:
-Term & Annuity Products viz. Bajaj Allianz Smart Protect Goal & Bajaj Allianz Guaranteed Pension Goal
-Both the products are available on easy to sell POS platform
-Term product viz. Bajaj Allianz Smart Protect Goal has the option of return of premium on maturity
-Annuity Product viz. Bajaj Allianz Guaranteed Pension Goal also offers a return of purchase price as legacy upon the death of the annuitant
-100% digital buy journey to ensure reach to the last mile and contribution to the digital literacy vision of the Government of India
J. Venkatramu, MD & CEO, India Post Payments Bank said “IPPB already offers Pradhan Mantri Jeevan Jyoti Bima Yojana to its customers that align with Government’s mission of creating a universal social security net and making insurance affordable for underprivileged and disadvantaged sections. With these terms 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.”