KOCHI: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, and South Indian Bank, a leading Indian private sector bank, have signed a corporate agency arrangement to offer customers a range of value-packed products. The partnership will enable South Indian Bank’s customers to fulfill their long-term financial goals by investing in Bajaj Allianz Life Insurance’s products across the bank’s 942 branches in India.
The products offered by Bajaj Allianz Life Insurance include term, savings, retirement, and investment plans. The insurer will also offer South Indian Bank’s customers an extensive range of services to ensure they have a seamless experience, including customer service on WhatsApp, LifeAssist- the insurer’s dedicated app, a website in over 10 languages, a call center, and more.
Mr. Dheeraj Sehgal, Chief Distribution Officer- Institutional Business, Bajaj Allianz Life Insurance, said, “Bajaj Allianz Life and South Indian Bank have shared goals of empowering customers with a strong financial portfolio. This partnership will enable us to harness our combined reach and offer customers with investment and risk mitigation products all under one roof.”
Sanchay Kumar Sinha, CGM & Country Head- Retail Banking Department, South Indian Bank, said, “We are excited to partner with Bajaj Allianz Life Insurance, a trusted name in the life insurance industry, and provide their diverse range of life insurance solutions across our touchpoints. Through this alliance, we aim to strengthen our commitment to financial inclusion by making comprehensive insurance coverage easily accessible by all.“
Bajaj Allianz Life Insurance now serves over 2.82 crore individual customers and many more through its Group plans. The company manages Assets Under Management to the tune of over Rs. 95,, 317 crores with an Individual Claim Settlement Ratio of 99.04% for FY 2022-23 and a Solvency Ratio of 516% as on 31st March 2023.
The partnership between Bajaj Allianz Life Insurance and South Indian Bank is expected to empower customers with long-term financial goals and provide them with a seamless experience.
