PNB MetLife India Insurance has formed a strategic partnership with India Post Payments Bank (IPPB) to offer life insurance solutions through IPPB’s 650 banking outlets, serving over 110 million customers. The goal of this partnership is to enhance financial inclusion and boost life insurance adoption and awareness in India.
The partnership aims to provide PNB MetLife’s life insurance products to a broader customer base, allowing customers to access life insurance solutions tailored to their needs. R Viswesvaran, MD and CEO of IPPB, stated that this partnership will help advance their mission of providing financial security to customers.
Sameer Bansal, MD and CEO of PNB MetLife, highlighted that this partnership is a shared commitment to making life insurance accessible to all Indians, emphasizing the importance of insurance as a promise of security and resilience for families.
This partnership builds on the companies’ previous collaboration on the Pradhan Mantri Jeevan Jyoti Bima Yojana life insurance scheme, which was launched in 2020. PNB MetLife, a joint venture between MetLife and Punjab National Bank, provides a range of products, including child education, family protection, long-term savings, and retirement planning. The company had 155 branches as of November 2024, reaching over 19,000 locations through banking partnerships.