Bajaj Allianz Life Insurance and Punjab & Sind Bank enter strategic partnership
- Company to offer Protection and Savings life insurance plans to Bank’s customers through its branch network
New Delhi, 11 January 2023: Delhi-headquartered leading public sector bank Punjab & Sind Bank (PSB) and Baj aj Allianz Life Insurance have announced their Corporate Agency Partnership. Mr. Swarup Kumar Saha, MD & CE O, Punjab & Sind Bank and Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance signed the partnership agre ement in New Delhi, today.
Punjab & Sind Bank is the 25th Schedule Commercial Bank that is partnering with Bajaj Allianz Life Insurance for distributing its life goals-based product suite.
Mr. Swarup Kumar Saha, MD & CEO, Punjab & Sind Bank said, “Punjab & Sind Bank is happy to partner with a lead ing private life insurer to offer our customers with value-packed solutions for their life insurance needs. The Bank is in th e phase of diversifying its third party product portfolio and with this tie-up we are happy to announce the introduction of Credit Life protection for our loan customers.The comprehensive product suite, including Credit Life Cover for our loan cu stomers, and services of Bajaj Allianz Life Insurance will be effective to help our customers, across our branches, to invest towards their life goals.”
Speaking on the partnership, Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “It is a prestigious mo ment for all of us at Bajaj Allianz Life Insurance. To provide the Bank’s customers, across segments, a delightful experi en ce towards fulfilling their life goals with us, we have a comprehensive suite of products and services backed by robust tec hnology. Our bespoke banking offerings to all teams across the Bank, will further enable us to make this a long-term and successful partnership, as we enable many more life goals, together.”
The partnership will allow Punjab & Sind Bank’s new and existing customers to avail a variety of retail life insura nce products from Bajaj Allianz Life Insurance including term, savings, retirement, and investment options. The li fe insurer will work closely with the bank to enable customers to get seamless service and help them achieve the ir long-term financial goals in a planned manner. This includes responding to customer support requests made vi a WhatsApp or a self-service tool like the Bajaj Allianz Life LifeAssist App, in addition to the well-trained bank employees servicing the life insurance division.
About Punjab & Sind Bank
Punjab & Sind Bank is a Public Sector Bank with its headquarter at New Delhi. Bank was founded in the year 190 8 with the principle of social co mmitment to help the weaker section of the society in their economic en deavors and to rise their standard of living. During the 114 years of its gl orious journey, Punjab & Sind Bank has fulfilled the social commitmen ts of the founding fathers and by participating in various Nation building activities. As on date, Bank is having 1528 branches and 803 ATMs PAN India with a business mix of Rs 1.79 Lac crores. Bank has made a remarkable turnaround last year with a record profit of Rs. 1039 crore in FY 2021-22. In the current year also, the Bank has witnessed two quarters of consistent profits and improvement in various efficiency paramete rs. The Bank has achieved a significant reputation in the Indian banking space and stands true to its mission state ment of ‘Sarva Jana Hitai, Sarva Jana Sukhai’
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 Ind ia’s most diversified non-banking financial institution and Allianz SE, one of the world’s leading asset manager a nd insurer.
Commencing its operations in 2001, Bajaj Allianz Life has expanded its presence across the country. It serves mil lions of customers through its 509 branches, 112,150+ agents (as on 30 September 2022), comprehensive set of trusted partners and its online sales channel. The Company’s brand promise of Life Goals.Done. drives it to laun ch innovative insurance solutions, backed by a robust set of digital assets. Bajaj Allianz Life Insurance has consta ntly transformed to offer tech-enabled state-of-the-art services to enhance customer delight. The Company con tinues to engage with customers through several unique platforms such as Life Goals Mantras, Plankathon, and much more.
