The three partners said during the launch that the objective of the partnership is to enable customers, especially vulnerable sections and customers living in non-banking and under-served areas, to be financially secure.
Under the partnership, rural customers can access Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Target, Term and Annuity products respectively.
Bajaj Allianz Life Smart Protect Goal is a comprehensive and value-added term insurance product designed to provide immediate financial support to the family in the event of the untimely death of the earner.
Bajaj Allianz Life Guaranteed Pension Lakshya is an annuity plan aimed at meeting post-retirement expenses as it provides a guaranteed and fixed regular income till the individual is alive.
Both these products will be available to the customers in addition to DoP’s existing PLI (postal life insurance) and RPLI (rural postal life insurance) products.
“Driven by the need to ensure financial security and meet unforeseen medical emergencies, life insurance has emerged as an important investment tool in recent times. With these term and annuity insurance products, our successful association with Bajaj Allianz Life The relationship has further expanded.
Announcing the partnership here, IPPB Managing Director and CEO J Venkataramu said, “Through our deep and strong network of banking access points and Gramin Dak Sevaks and Postmen, we are committed to providing comprehensive financial solutions to our customers. ”
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance Company said that this is a new milestone for the company as it is the first life insurer to offer value-packed products to customers through a diverse network of IPPB and DOP.
Chugh said, “We are confident that this partnership will play an integral role in driving life insurance adoption across various customer segments. Our technology-enabled services and enhancements to this alliance have been designed keeping in mind the experience and delight of our customers. Huh.” ,
Both the products will be available on easily sold POS platforms. Bajaj Allianz Smart Protect Goal has the option of return of premium on maturity.
Bajaj Allianz Guaranteed Pension also offers a return of the purchase price as an inheritance on the death of the target annuitant. Customers can buy these products completely digitally.