Bajaj Allianz Life Insurance partners IPPB, Department of Posts; launches 2 new products

Bajaj Allianz Life Insurance has entered into a tripartite partnership with the India Post Payments Bank (IPPB) and the Department of Posts (DoP), launching two insurance products to tap the vast rural customers across the country.

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The life insurer will offer term and annuity products to customers through IPPB's extensive network of 650 branches and over 1,36,000 banking access points.

The partnership aims to enable the customers, particularly from the weaker sections and living in un-banked and underserved areas, so that they can be financially secure, the three partners said during the launch here.

Under the partnership, the rural customers can access Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal, the term and annuity products, respectively.

Bajaj Allianz Life Smart Protect Goal is a comprehensive and value-added term insurance product, which 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 is an annuity plan aimed at meeting 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) and RPLI (Rural Postal Life Insurance) products.

"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. 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 Gramin Dak Sevaks and Postmen, we are committed to offering comprehensive financial solutions to our customers," IPPB Managing Director and CEO J Venkatramu said while announcing the partnership here.

Bajaj Allianz Life Insurance Company MD and CEO Tarun Chugh said this is a new milestone for the company as it is the first life insurer to offer value-packed products to customers through IPPB's and DoP's 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 tech-enabled services and enhancements towards this alliance are designed keeping our customer's ease of experience and delight in mind," Chugh said.

Both the products will be available on the easy-to-sell POS platform. Bajaj Allianz Smart Protect Goal has the option of return of premium on maturity.

Bajaj Allianz Guaranteed Pension Goal also offers the return of purchase price as legacy upon the death of the annuitant. Customers can buy these products in a fully digital manner.