India Post Payments Bank (IPPB) has announced an alliance with Tata AIG General Insurance Co. Ltd. for distribution of non-life insurance products across the country.
As part of the alliance, IPPB will make available affordable insurance products through its network of 650 branches and over 136,000 banking access points to people.
The scope of products will include health insurance products, personal accident, motor insurance amongst others.
Nearly 200,000 postal service providers (Gramin Dak Sevaks and postmen) who are equipped with micro-ATMs and biometric devices will distribute and promote these insurance products, focussing especially on unbanked and underserved customers at the last mile.
J. Venkatramu, MD & CEO, India Post Payments Bank said, “Through these tie-ups, we have further strengthened our insurance portfolio offerings and hope to add more products in future that will ensure financial well-being for our customers.”
Neelesh Garg, MD and CEO, Tata AIG GI said, “The aim is to offer new age technology backed innovative solutions that are simple for customers to understand. Tata AIG’s trust and IPPB’s rich legacy together will help build trust and long-standing connect with diverse and evolving customers.”
