India Post Payments Bank and Bajaj Allianz Life Insurance tie up to offer term and annuity products

India Post Payments Bank (IPPB), Department of Posts, and Bajaj Allianz Life Insurance Company (BALIC) today announced a strategic alliance to offer term and annuity products to customers through the Bank’s extensive network of 650 branches and over 1,36,000 banking access points.

The tie-up will help 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, said the Ministry of Communications.

Pawan Kumar Singh, DDG – FS & PBI, Department of Posts (DoP); J Venkatramu, MD & CEO, India Post Payments Bank; and Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance Company and other senior officials attended the meet.

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.”

J Venkatramu, MD & CEO, India Post Payments Bank said, “ IPPB already offers Pradhan Mantri Jeevan Jyoti Bima Yojana to its customers that aligns with the Government's mission of creating a universal social security net and making insurance affordable for underprivileged and disadvantaged sections. With these term and annuity insurance products, our successful relationship with Bajaj Allianz Life has expanded further.”

Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance Company said, “As we continue to work towards enabling the life goals of people, we are honoured 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 and DoPs diverse network.

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