India Post Payments Bank (IPPB), Department of Posts and Bajaj Allianz Life Insurance Company (BALIC) have entered into a partnership to offer term and annuity products to customers through the bank’s network of 650 branches and more than 1,36,000 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, and is in line with IPPB’s objective of offering value added products and services to its customers, the entities said.
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 alliance. Bajaj Allianz Life Smart Protect Goal, 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.
Vineet Pandey, Secretary, Department of Posts said, “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 for fulfilling their long-term financial needs.”
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