India Post Payments Bank (IPPB), Department of Posts and Bajaj Allianz Life Insurance Company (BALIC) today announced a strategic partnership for offering term and annuity products to customers.
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, a statement from Ministry of Communications said.
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 the strategic alliance.
Bajaj Allianz Life Smart Protect Goal is a comprehensive and value-added term insurance product, 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.
Speaking about the partnership, Vineet Pandey, Secretary, Department of Posts said, “At India Post, we are committed towards improving the lives of millions of people who do not have easy access to insurance and other financial services. This partnership will enable customers to manage their financial goals in an all-inclusive manner. Customers can continue to avail savings products of Postal Department, and simultaneously benefit from these term and annuity insurance products for fulfilling their long-term financial needs.”
“As we continue to work towards enabling the life goals of people, we are honored to partner with IPPB and DoP who are trusted partners for millions of customers. This is a new milestone for us as we are the first life insurer to offer value-packed products to customers through IPPB’s and DoPs diverse network. We are confident that this partnership will play an integral role in increasing the adoption of life insurance across various customer segments. Our techenabled services and enhancements towards this alliance are designed keeping our customer’s ease of experience and delight in mind.” said Tarun Chugh, MD & CEO of Bajaj Allianz Life.
Services offer under the strategic tie-up
Term & Annuity Products: Bajaj Allianz Smart Protect Goal and Bajaj Allianz Guaranteed
Term product: Bajaj Allianz Smart Protect Goal has option of return of premium on maturity.
Annuity Product: Bajaj Allianz Guaranteed Pension Goal also offers return of purchase price as legacy upon death of annuitant 100% digital buy journey to ensure reach to the last mile and contribution to the digital literacy vision of Government of India