PNB MetLife India Insurance Company Limited has announced a strategic partnership with Saraswat Co-Operative Bank Ltd, the largest urban co-operative bank in India, to offer a range of life insurance solutions to its vast customer base of approximately 30 lakh individuals across 302 branches nationwide. The collaboration aims to bridge the significant insurance protection gap in India by providing customers with comprehensive life insurance solutions, including savings, protection, retirement, and group plans.
The partnership is expected to enhance financial protection and accessibility for customers, particularly in the rural areas where insurance penetration is limited. PNB MetLife and Saraswat Co-Operative Bank believe that this partnership will help increase financial inclusion and provide better protection to millions of Indians, catering to their financial needs across various life stages.
As of November 30, 2024, PNB MetLife has 155 branches and a presence in over 19,000 locations through bank partnerships, while Saraswat Bank operates over 300 branches across six states. With this partnership, PNB MetLife will leverage Saraswat Bank’s extensive customer base and network to expand its reach and services.
Arti Patil, Managing Director & CEO of Saraswat Co-Operative Bank Ltd, stated that the partnership aligns with the bank’s efforts to offer the best life insurance solutions to its customers, reinforcing its vision of delivering comprehensive services that address every aspect of customers’ financial well-being.
In summary, this partnership is a major move towards increasing financial inclusion and providing vital insurance coverage to millions of Indians, with the potential to contribute to the country’s economic growth and development.