India Post Payments Bank (IPPB) will partner with Bajaj Allianz Life Insurance Co Ltd (BALIC) to provide customers with insurance facilities at door step. The corporate agency agreement has been signed by both parties. To begin with BALIC will provide simple term insurance to customers.
‘Financial inclusion and financial literacy are the key requirements for any progressive nation, and I believe this partnership will enable India move steadily in that direction. A partnership that brings together a government entity and a large private life insurance player together to take forward such a critical mandate’, A. N. Nanda, Secretary, Department of Posts, said.
‘We are confident that the strength of their network coupled with our expertise will work to increase awareness about life insurance, and help many more Indians leverage the benefits of life insurance to achieve their life goals through affordable solutions’, Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, told.
IPPB is a 100% equity owned by the Government of India. It was launched in August 17, 2016. On January 30 2017, the pilot projects in Ranchi and Raipur was implemented.
India Post Payments Bank offers banking facilities at doorstep. This includes availability of funds at doorstep upon request, free account opening and bill payment facilities at doorstep, unlimited cash deposits and withdraws (in the case of regular savings account and 4 in basic savings account) and zero-balance facility. The interest rates are at 4% p.a. on EOD daily balances that will be paid quarterly.
It was launched on September 1 by Prime Minister Narendra Modi.