Bajaj Allianz Life Insurance and Punjab & Sind Bank enter strategic partnership
New Delhi, 12 January 2023: Delhi-headquartered leading public sector bank Punjab & Sind Bank (PSB) and Bajaj Allianz Life Insurance have announced their Corporate Agency Partnership. Mr. Swarup Kumar Saha, MD & CEO, Punjab & Sind Bank and Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance signed the partnership agreement 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 leading private life insurer to offer our customers with value-packed solutions for their life insurance needs. The Bank is in the 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 customers, 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 moment for all of us at Bajaj Allianz Life Insurance. To provide the Bank’s customers, across segments, a delightful experience towards fulfilling their life goals with us, we have a comprehensive suite of products and services backed by robust technology. 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 insurance products from Bajaj Allianz Life Insurance including term, savings, retirement, and investment options. The life insurer will work closely with the bank to enable customers to get seamless service and help them achieve their long-term financial goals in a planned manner. This includes responding to customer support requests made via 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.