Bajaj Allianz Life partners Department of Posts

Hyderabad: Bajaj Allianz Life Insurance has entered into a tripartite partnership with the India Post Payments Bank (IPPB) and the Department of Posts (DoP), launching two insurance products to tap the vast rural customers across the country on Thursday.

The life insurer will offer term and annuity products to customers through IPPB's extensive network of 650 branches and over 1,36,000 banking access points. The partnership aims to enable the customers, particularly from the weaker sections and living in un-banked and underserved areas, so that they can be financially secure. Under the partnership, the rural customers can access Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal, the term and annuity products, respectively.

Bajaj Allianz Life Smart Protect Goal is a comprehensive and value-added term insurance product, which is designed to give immediate financial support to a family in the event of an untimely death of the breadwinner. Bajaj Allianz Life Guaranteed Pension Goal is an annuity plan aimed at meeting post-retirement expenses as it offers guaranteed and fixed regular income till the person is alive. Both these products will be available to customers in addition to DoP's existing PLI (Postal Life Insurance) and RPLI (Rural Postal Life Insurance) products.

IPPB Managing Director and CEO J Venkatramu said, "Driven by the need to ensure financial security and meet unforeseen medical emergencies, life insurance has emerged as a significant investment tool in recent times.