India Post Payments Bank, Bajaj Allianz announce five-year partnership to sell insurance products on revenue share basis

Under the partnership, India Post Payments Bank (IPPB) will facilitate customers to pay for Bajaj Allianz life insurance products through their accounts.

Press Trust of India September 19, 2018 11:50:49 IST
India Post Payments Bank, Bajaj Allianz announce five-year partnership to sell insurance products on revenue share basis

New Delhi: India Post Payments Bank and Bajaj Allianz Tuesday announced a five-year partnership to sell life insurance products on a revenue share basis.

Under the partnership, India Post Payments Bank (IPPB) will facilitate customers to pay for Bajaj Allianz life insurance products through their accounts.

"Financial inclusion and financial literacy are the key requirements for any progressive nation, and I believe this partnership will enable India to move steadily in that direction," Department of Posts Secretary AN Nanda said while announcing the partnership.

India Post Payments Bank Bajaj Allianz announce fiveyear partnership to sell insurance products on revenue share basis

Representational image. Reuters.

The products will be first available across IPPB's network of 3,250 access points, gradually expanding to 1,55,000 post offices across every village, town and district in India.

"IPPB cannot sell insurance on its own but tie-up with the third party for offering their product. We will get a commission on the sale of third-party products. In next 50-60 days, we will also facilitate payment of postal life insurance products. There will no overlap of insurance products between Department of Posts offerings and Bajaj Allianz," IPPB MD and CEO Suresh Sethi said.

He said that the digital product offering footprint of Bajaj Allianz is well established and this will help IPPB in facilitating sale through a paperless process.

Bajaj Allianz Life Insurance, MD and CEO Tarun Chugh said that he expects the partneship should continue forever but at the moment it has been signed for a five-year period.

"Though this partnership we will get access to rural customers through one of the most credible institutions of the country. Bajaj Allianz Life has dedicated teams across the board to ensure this partnership benefits IPPB, its customers, and imbibes the financial inclusion vision of the country," Chugh said

Under the partnership, Bajaj Allianz Life will offer life insurance solutions, which will also include a comprehensive life insurance cover with accidental permanent total and partial disability benefit and accelerated critical illness.

Launched on 1 September, the IPPB has gained around 9 lakh customers.

Updated Date:

also read

Cabinet approves 80% increase in spending for India Post Payments Bank to Rs 1,435 crore
Business

Cabinet approves 80% increase in spending for India Post Payments Bank to Rs 1,435 crore

The government-backed India Post Payments Bank is set to go live with 650 branches and 3,250 access points across the country on 1 September

Term Insurance 101: Should you get an increasing or decreasing term insurance?
Brands

Term Insurance 101: Should you get an increasing or decreasing term insurance?

Read on as we decode these two types of term insurance plans and help you understand which one may be just right for you.

Now, insure your marriage against losses!
Investing

Now, insure your marriage against losses!

But insurer will not pay for marriages turning sour due to personal differences between the bride and the groom, and the claims would be entertained only for losses due to external factors