New Delhi [India], May 12 (/BusinessWire India): 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
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