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India Posts Payments Bank, Bajaj Allianz Life Insurance, Department of Posts partner to offer term and annuity products

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.

November 12, 2021 10:37 IST | India Infoline News Service
India Post Payments Bank (IPPB), Department of Posts and Bajaj Allianz Life Insurance Company (BALIC) have partnered to offer term and annuity products to customers through the Bank’s extensive network of 650 branches and over 136,000 banking access points. 

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.

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.

Vineet Pandey, Secretary, Department of Posts said, “At India Post, we are committed to 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 terms and annuity insurance products for fulfilling their long-term financial needs.”

J. Venkatramu, MD & CEO, India Post Payments Bank said “Driven by the need to ensure financial security and meet unforeseen medical emergencies, life insurance has emerged as a significant investment tool in recent times. IPPB already offers Pradhan MantriJeevanJyotiBimaYojana 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 term 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 GraminDakSevaks and Postmen, we are committed to offering comprehensive financial solutions to our customers.”

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.

“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 TarunChugh, MD & CEO, Bajaj Allianz Life Insurance Company.

Key highlights of deal are:
  • Term & Annuity Products viz. Bajaj Allianz Smart Protect Goal & Bajaj Allianz Guaranteed - Pension Goal of Both the products available on easy to sell POS platform.
  • Term product viz. Bajaj Allianz Smart Protect Goal has option of return of premium on maturity.
  • Annuity Product viz. 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

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