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India Post Payments Bank (IPPB) announced its partnership with Bajaj Allianz Life Insurance to expand product offerings for its customers. The bank said in a statement that the insurance products will first be accessible across IPPB’s network of 3250 access points, then slowly will expand to 155,000 post offices across every village, town and district in India.
Bajaj Allianz Life Insurance is the first life insurance company to partner-up with the newly formed bank. The private insurance company also said it will ensure that the awareness on the benefits of life insurance reaches every IPPB customer.
A. N. Nanda, Secretary, Department of Posts, added, “A partnership that brings together a government entity and a largely private life insurance player together to take forward such a critical mandate showcases the dedication of the government and the brand to deliver on the vision they have for the country,” at the launch event.
Suresh Sethi, MD and CEO of IPPB said, “As we look forward to becoming India’s most accessible bank, it is important to drive financial inclusion through financial literacy. This strategic partnership will enhance customers’ understanding on how life insurance secures them against life risks and also provide them access to the products to mitigate such risks.”
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance said, “We are confident that the strength of their network coupled with our expertise will work to increase awareness about life insurance, and help many more Indians leverage the benefits of life insurance to achieve their life goals through affordable solutions.”
