An Affordable Term Plan to Enable Protection for All [Business Wire India]

New Delhi, May 12 -- Bajaj Allianz Life and India Post Payments Bank Offer Group Term Life Plan

Designed to provide immediate and long-term financial protection

At premiums that are affordable for IPPB Customers

Bajaj Allianz Life Insurance, one of India's leading private life insurers, has introduced Bajaj Allianz Life Group Term Life - A Non-linked Non-Participating Group Term Insurance Plan, an affordable protection plan exclusively for the customers of India Post Payments Bank. The product allows customers to start their insurance protection by paying small amounts for an adequate life cover, thereby providing for long term financial security of their loved ones.

Furthermore, on the death of the life assured, who typically is the breadwinner of the family, Bajaj Allianz Life Group Term Life offers the nominee to receive a lump-sum to cover any immediate expenses and also regular monthly income payout to the family over a period of 5, 7 or 10 years.

Dheeraj Sehgal, Chief Distribution Officer & Head - Institutional Business, Bajaj Allianz Life Insurance, said, "As Life Goals enabler we are keen to be able to provide all our customers unique products to help them financially secure their families. Our partnership with India Post Payments Bank (IPPB) helps us fulfil our vision to respond to customers' needs from across the country. Our latest product is unique as it is designed to help families, who bank with IPPB, cope up with the financial shortfall they may face with the death of the breadwinner. I'm confident that it's low premium and high cover will attract more customers to protect their families, and ensure their life goals are on track despite their absence."

Gursharan Rai Bansal, Chief General Manager & Chief Sales and Marketing Officer, India Post Payments Bank, said, "Life insurance is one of the most essential financial products for customers to have a hassle-free journey to fulfil their financial and life goals. India Post Payments Bank has been instrumental in distributing insurance to underprivileged sections through various savings, protection and annuity products. In line with Government's mission of financial inclusion, we are committed to expand Life Insurance offerings to our customers through the new Group Term Life Insurance from Bajaj Allianz Life Insurance Company Limited. It has unique advantage of providing affordable life insurance to customers and helps fulfill immediate & long-term financial needs of the family in event of untimely death of their bread earner. With the help of our deep and robust network of banking access points, Gramin Dak Sevaks and Postmen, this will help in penetration of Life Insurance to the last mile and enable customers to manage their Financial and Life goals in an all-inclusive manner."

Key features of Bajaj Allianz Life Group Term Plan

As part of the income benefit option, the nominee can receive part of their sum assured as a lumpsum amount, and remaining amount will be paid as monthly installment over the chosen payout period

No medicals required, subject to satisfactory declaration of Good Health

Affordable premium amount

About Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is one of India's leading and fastest growing private life insurers. The company is a partnership between two powerful and successful entities in their own right - Bajaj Finserv Limited, one of India's most diversified non-banking financial institution and Allianz SE, one of the world's leading asset manager and insurer. The Company commenced its journey in 2001, and today delivers its promise of Life. Goals. DONE through innovative value-packed insurance products that are backed by a robust tech and digital eco-system. Bajaj Allianz Life Insurance continues its journey of transformation through its products and tech-enabled state-of-the-art services to enhance customer delight.

Bajaj Allianz Life now serves over 2.82 crore individual customers and many more through its Group plans. The Company has a large distribution network of 511 branches, over 125,900 agents (as on 31 March 2023), comprehensive set of trusted partners and its proprietary sales channels (online and offline). Bajaj Allianz Life Insurance manages Assets Under Management to the tune of over Rs. 90,584 crore (as on 31 March 2023) with the Claims Settlement Ratio at 99.04%~ (as on 31 March 2023), and a Solvency Ratio of 516% as on 31 March 2023.

About India Post Payments Bank (IPPB)

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched by the Hon'ble Prime Minister Shri Narendra Modi on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.

IPPB's reach and its operating model is built on the key pillars of India Stack - enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers' doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.

IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true - Every customer is important, every transaction is significant and every deposit is valuable. Published by HT Digital Content Services with permission from Business Wire India. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]