The newly-launched India Post Payments Bank (IPPB) has entered into a bancassurance tie-up with Bajaj Allianz Life Insurance for selling the latter’s insurance products through their network.
The bank will be selling insurance products of Bajaj Allianz Life through its 3,250 access points
As per the tie-up, IPPB will act as a corporate agent for the life insurance company. As per the insurance guidelines, banks are permitted to sell products of three life, non-life and standalone health insurers each.
For pushing India’s rural population into the formal financial system, Prime Minister Narendra Modi unveiled the India Post Payments Bank (IPPB) on September 1. The bank will be operational across 650 branches and 3,250 access points around the country.
With the newly launched service, IPPB customers will be able to avail products and services by Bajaj Allianz Life Insurance, ranging from comprehensive life insurance cover with accidental permanent total and partial disability benefit and accelerated critical illness.
IPPB offers a wide range of products namely savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. These products are offered via post office counters, doorstep services and self-service channels using the bank’s technology platform.
