Bajaj Allianz Life Insurance Company (BALIC) has announced a partnership with India Post Payments Bank (IPPB) of the Department of Posts to offer term and annuity insurance products to customers across the country.
There is big news for the customers opening an account in the post office. Bajaj Allianz Life Insurance Company (BALIC) has announced a partnership with India Post Payments Bank (IPPB) of the Department of Posts to offer term and annuity insurance products to customers across the country. India Post Payments Bank will offer term and annuity insurance products to its customers through its branches and banking access points.
Partnership with postal departmentÂ
This partnership between the Department of Posts and Bajaj will try to make people financially secure and empowered especially from weaker sections and people living in poor service areas. This partnership was announced during a conference. Notably, Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal are term and annuity products that will be offered under this alliance.
Postal Department took a big stepÂ
This partnership will help people in many ways. If the main breadwinner of the household dies, in that case a family will be given immediate financial assistance. Let us tell you that Bajaj Allianz Life Guaranteed Pension Goal is an annuity insurance plan. Its main purpose is to meet the expenses after retirement. Under this, people get pension till they are alive.
Customers will get these services
1. Term and yearly products like Bajaj Allianz Smart Protect Goal and Bajaj Allianz Guaranteed will be available.
2. In Pension Goal, both the products will be easily available on the sale POS platform.
3. The option of return of premium on maturity is given in the term product i.e. Bajaj Allianz Smart Protect Goal.
4. Annuity product i.e. Bajaj Allianz Guaranteed Pension Goal will provide the facility of return of purchase price as property on the death of the subscriber.
5. Leverage the availability of digital purchases to contribute to the Government of India’s digital literacy approach
What is the main objective of this scheme
Vineet Pandey, Secretary, Department of Posts said, “India Post is committed to improving the lives of millions of people who do not have easy access to insurance and other financial services. This partnership will enable customers to manage their financial objectives in a holistic manner. Not only this, customers can continue to take advantage of the savings products of the Department of Posts.
