Bajaj Allianz Life Insurance Company (BALIC) has entered into a strategic partnership with Department of Posts and India Post Payments Bank to offer two Point of Sale (PoS) products — a term product and an annuity product — through the postal department’s network of 1,36,000 banking access points and the payments bank’s 650 branches.
Through this alliance, BALIC has become the first private life insurer in the country to enter into a tie up with the Department of Posts for sale of PoS products.
Augment earlier offerings
Speaking to BusinessLine post the announcement of this partnership, Tarun Chugh, Managing Director & Chief Executive Officer, BALIC, said that Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal will be available to customers in addition to DOP’s existing Postal Life Insurance and Rural Postal Insurance products.
Chugh said. While SPG is a term insurance product, GPG is an annuity product that aims to meet post retirement expenses as it offers guaranteed and fixed pension product. “It’s a guaranteed pension product”, Chugh said.
Expand access
This alliance will enable the lakhs of Gramieen Dak Sevaks to offer financial solutions in rural areas.
“We are confident that this partnership will play an integral role in increasing the adoption of life insurance across various customer segments.”, Chugh said.
It maybe recalled that BALIC had, in 2018, entered into corporate agency agreement with IPPB. Now, this arrangement is being expanded into a more comprehensive and expansive agreement with the inclusion of the Department of Posts (DoP). , according to Chugh.
Pawan Kumar Singh, DDG – FS & PBI, Department of Posts (DoP), said, “With this partnership, we will take financial inclusion forward. The Department of Posts is going to play a major role in ensuring financial inclusion in days to come,” he said.
Financial inclusion
Singh added that technology will play a major role in financial inclusion and highlighted that the entire network of 1.57 lakh post offices is seamlessly connected.
J Venkatramu, MD & CEO, India Post Payments Bank, said that IPPB already offers Pradhan Mantri Jeevan Jyoti Bima Yojana to its customers that aligns with Government’s mission of creating a universal social security net and making insurance affordable for the underprivileged and disadvantaged sections.
