India Post Payment Bank (IPPB), Department of Posts has tied up with Bajaj Allianz Life insurance to distribute insurance policies.
To start with, IPPB will distribute term cover and annuity products through its network of 650 branches and 1.36 lakh access points.
The tie-up will bring customers particularly from weaker sections and living in unbanked and underserved areas to the insurance fold, believes the company.
In a press release, Vineet Pandey, Secretary, Department of Posts said, “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.”
J Venkatramu, MD & CEO, India Post Payments Bank said, “IPPB already offers Pradhan Mantri Jeevan Jyoti Bima Yojana to its customers. 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.”
“Our tech-enabled services and enhancements towards this alliance are designed keeping our customer’s ease of experience and delight in mind.” said Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance.
