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IPPB Partnered with Tata AIG General Insurance, Bajaj Allianz to Distribute Non-Life Insurance Products

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India Post Payments Bank in Strategic Alliances with Tata AIG General Insurance, Bajaj Allianz for Non-Life Insurance ProductsIndia 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.

Key Points:

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.

Recent Related News:

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