The Department of Posts, India Post Payments Bank (IPPB), and Bajaj Allianz Life Insurance Company (BALIC) today established a strategic agreement to offer term and annuity products to consumers through the Bank's wide network of 650 offices and over 1,36,000 banking access points.
According to the Ministry of Communications, the partnership will help customers, particularly those from lower socioeconomic groups and those living in unbanked or underserved areas, become financially secure and empowered. It also aligns with IPPB's goal of providing value-added products and services to its customers.
According to a press release from Bajaj Agreement, the term and annuity products that will be offered as part of this strategic alliance include Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal.
Bajaj Allianz Life Smart Protect Goal is a value-added term insurance plan designed to provide immediate financial help to a family in the case of the breadwinner's unexpected death.
The Bajaj Allianz Life Guaranteed Pension Goal is an annuity plan that provides a guaranteed and fixed monthly income for the rest of the person's life.
Customers will be able to purchase both of these goods in addition to DoP's current Product.
Both goods will be offered on the POS platform, which is designed to be simple to sell. The Bajaj Allianz Smart Protect Goal offers a premium return option at maturity.
When the annuitant dies, Bajaj Allianz Guaranteed Pension Goal also provides a legacy of the purchase price. Customers can purchase these items entirely digitally.