NEW DELHI, SEPT 18
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.