BAJAJ ALLIANZ LIFE INSURANCE AND SYNDICATE BANK ENTER STRATEGIC PARTNERSHIP
• Syndicate Bank customers can get their Life Goals Done with Bajaj Allianz Life’s comprehensive life insurance solutions
• Bajaj Allianz Life becomes the first non-bank promoted insurer to tie-up with Syndicate Bank
Bengaluru : Bajaj Allianz Life, one of the country’s leading life insurance companies, entered into a corporate agency partnership with Syndicate Bank, one of the leading public sector banks of India, to offer life insurance solutions to the Bank’s customers. With this partnership, Bajaj Allianz Life becomes the first non-bank promoted insurer to partner with Syndicate Bank.
The strategic partnership (corporate agency) agreement was signed between Bajaj Allianz Life and Syndicate Bank in Bengaluru, today.
Through this partnership, Syndicate Bank will provide Bajaj Allianz Life’s value-packed life insurance solutions to its customer and enable them to achieve their life goals in a planned manner. Bajaj Allianz Life through its affordable and new-age life insurance solutions will empower the Bank’s new and existing customers to avail the living benefits of life insurance. The insurer’s products will be available at the Bank’s 4,100+ branch offices spread across 28 states and 9 union territories of India.
Speaking about the partnership, Mr. Tarun Chugh, MD and CEO, Bajaj Allianz Life said, “We are pleased to partner with Syndicate Bank, one of the oldest banks of the country. I am confident that our new age products and services will enable many customers of the bank meet their life insurance needs in an effective manner. Our tech-enabled servicing solutions will empower Bank employees to engage with their customers on need analysis basis and thereby provide the right life insurance product to meet customers’ life goals. This collaboration is noteworthy for us, as Syndicate Bank will help our value packed life insurance solutions reach many more people in the country and play a key role in helping them achieve their life goals. Bajaj Allianz Life and I look forward to a long-term and meaningful partnership with the Bank.”
Mr. Mrutyunjay Mahapatra, MD and CEO, Syndicate Bank said “This partnership is in line with our endeavour to expand our financial services portfolio and provide our customers with all the required investment and protection products and services across their life cycle. This, in addition to our technology driven banking solutions, will ensure customer delight on one hand and shore up our fee income on the other. We welcome Bajaj Allianz Life Insurance as our strategic partners and look forward to a long-term association.”
PRODUCTS AND SERVICES
Under this partnership, Bajaj Allianz Life will make available all its retail and group products to the Bank’s customers, including Savings, Retirement, Investment, Protection, Critical Illness and Group Credit Protection life insurance products to enable the Bank’s customers achieve their life goals. These life goals may range from financially securing the future of their family, or investing towards a long term financial goal or enabling them to better manage expenses related to critical illnesses.
As Syndicate Bank customers, one can invest towards their life goals through Bajaj Allianz Life by simply walking into their nearest Syndicate Bank branch or calling their relationship manager of the Bank or by logging through Online mode.
Bajaj Allianz Life Insurance Company Limited is one of India’s leading private life insurance companies. It is a joint venture between Bajaj Finserv Limited, the holding company for the businesses dealing with financial services of the Bajaj Group, and Allianz SE, the world’s leading insurance conglomerate and one of the largest asset managers in the world.
Bajaj Allianz Life Insurance Company Limited began its operations in 2001, and today has a pan-India presence with 601 branches as on 31 July, 2019. The company offers life insurance solutions through its strong product portfolio, which includes traditional insurance products and ULIPs for enabling customers fulfill their Life Goals. The company also offers group insurance and health insurance plans.
Syndicate Bank is one of the most trusted public sector banks. It was established in 1925 in Udupi by three visionaries – Mr. T M A Pai, Upendra Pai and Vaman Kudva. It is headquartered in the university town of Manipal, India. The bank offers gamut of banking services which includes consumer banking, corporate banking, finance & insurance, mortgages and credit cards. It is one of the first few banks to have achieved Centralised Banking Solution (CBS) for all its branches and is continuously updating its IT systems. Currently bank has 4163 Brick and Mortar Branches including an overseas Branch in London.