India Post Payments Bank, Department of Posts, Bajaj Allianz Life announce strategic partnership for offering term and annuity products

India Post Payments Bank, Department of Posts, Bajaj Allianz Life announce strategic partnership for offering term and annuity products

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India Post Payments Bank, Department of Posts and Bajaj Allianz Life Insurance Company announced a strategic partnership for offering term and annuity products to customers. These products will be provided through the Bank’s extensive network of 650 branches and over one lakh 36 thousand banking access points. The tie-up will enable customers, particularly from weaker sections and living in unbanked and underserved areas, to become financially secure and empowered. 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. Both these products will be available to customers in addition to Department of Posts’ existing Postal Life Insurance and Rural Postal Life Insurance product.

Speaking about the partnership, Secretary of Department of Post Vineet Pandey said that the partnership will enable customers to manage their financial goals in an all-inclusive manner. He said, 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.