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Bajaj Allianz Life Insurance and Syndicate Bank Enter Strategic Partnership

In Business
August 29, 2019

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, 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.”

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”

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.