India Post Payments Bank (IPPB) & Bajaj Alliance on 20th September 2018 collaborated for selling insurance products.
India Post Payments Bank (IPPB) signed a 5-year Corporate Agency Agreement with Bajaj Allianz Life Insurance Co. Ltd. (BALIC) to offer life insurance products to its consumers.
Bajaj Allianz Life Insurance Co. Ltd. (BALIC) is the first life insurer to tie up with IPPB since its launch on 1st September 2018. Initially, simple term and Point of Sale (POS) products of BALIC will be sold through IPPB.
Postmen and ‘Grameen Dak Sevaks’ will be involved in selling insurance solutions. These products will be initially available in 3250 access points in IPPB’s network. Later it will be extended to 155,000 post offices throughout India.
The date of the launch and the details of the products on offer have not been announced yet.
IPPB also has a tie-up with Punjab National Bank to provide loans to its customers.
Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited (formerly part of Bajaj Auto Limited) owned by the Bajaj Group of India and Allianz SE, a European financial services company.
CEO: Tarun Chugh