New Delhi [India], January 30 : India Post Payments Bank (IPPB) and PNB MetLife India Insurance Company Limited (PNB MetLife) entered into a strategic bancassurance alliance to extend access to life insurance solutions for millions of individuals nationwide.
Under the collaboration, according to a release, PNB MetLife's life insurance products, combined with IPPB's network of 650 banking outlets and 110 million customers, will make life insurance accessible to every household in India.
This partnership aims to help customers achieve their dreams while promoting financial inclusion across the country, the release added.
Reacting to the development, R. Viswesvaran, MD and CEO of India Post Payments Bank, remarked, "India Post Payments Bank was founded on the principle of delivering inclusive financial services across the nation. Partnering with PNB MetLife allows us to advance this mission by offering our customers a broader range of life insurance products tailored to their needs. Together, we are building a stronger ecosystem for financial security for our customers."
The release said that PNB MetLife and IPPB will work together to give more families in India more protection by creating a strong environment for life insurance adoption and awareness.
Sameer Bansal, MD and CEO of PNB MetLife, stated, "Partnering with India Post Payments Banks is more than a business collaborationit is a shared commitment to making life insurance accessible to all Indians. This partnership reflects our belief that insurance is not merely a product but a promise of security and resilience for families. Together, we aim to take meaningful steps toward achieving financial inclusion for all, staying true to the spirit of 'Milkar Life Aage Badhaein'."
India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100 per cent equity owned by Government of India. IPPB was launched on September 1, 2018.
The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked and underbanked and reach the last mile leveraging the Postal network comprising 1,63,000+ Post Offices (1,43,000 in rural areas) and 190,000+ Postal employees.
PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the major life insurance companies in India that combines the financial strength of MetLife, Inc. with the credibility of PNB, one of the India's oldest nationalized banks.
With a strong presence in 155 branches and access to customers in over 19,000 locations (as of November 30, 2024) through bank partnerships, PNB MetLife offers a comprehensive product portfolio covering Child Education, Family Protection, Long-Term Saving and Retirement.
The Company has a wide range of protection and retirement products available through its sales channel of over 28,000 financial advisors and multiple bank partners and caters to over 521 group relationships in India.
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