India Post Payments Bank (IPPB) partnered with Tata AIG General Insurance Co. Ltd. and Bajaj Allianz General Insurance for the distribution of non-life insurance products across India.
- Under the partnership, IPPB will distribute affordable insurance products to the customers through its network of 650 branches and over 136,000 banking access points.
- Objective: To address the protection needs of the unbanked and underserved customers.
- Around 2 lakh postal service providers (Gramin Dak Sevaks and postmen) who are equipped with micro-ATMs and biometric devices will play a major role in distributing and promoting the insurance products.
i.Under the partnership, the IPPB will reach the customers through its unique doorstep service, in which the postman would reach out to the doorstep of the customers in semi-urban and rural areas to provide insurance products digitally in a simple, economical manner.
ii.The scope of the insurance products include healthcare and mediclaim products, personal accident, vehicle insurance, amongst others.
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In exercise of the powers conferred under Section 3A of the Government Savings Promotion Act 1873(5 of 1873), the Finance Ministry has amended the Post Office Savings Account Scheme, 2019 & the Scheme was named as “Post Office Savings Account (Amendment) Scheme, 2021′′.
About India Post Payments Bank (IPPB):
Establishment – 2018, under the Department of Posts, Ministry of Communication
Headquarters – New Delhi, Delhi
MD & CEO – J Venkatramu
Tagline – Aapka Bank, Aapke Dwaar
About Bajaj Allianz General Insurance:
It is a joint venture between Allianz SE and Bajaj Finserv Ltd
Establishment – 2001
Headquarters – Pune, Maharashtra
MD & CEO- Mr. Tapan Singhel