India Post Payments Bank (IPPB) and PNB MetLife India Insurance Company Limited (PNB MetLife) have entered into a strategic bancassurance alliance to offer life insurance solutions to millions of individuals across India. This collaboration combines PNB MetLife’s life insurance products with IPPB’s network of 650 banking outlets and 110 million customers, making life insurance more accessible to every household in India. The partnership aims to promote financial inclusion and help customers achieve their goals.
According to R. Viswesvaran, MD and CEO of India Post Payments Bank, “This partnership allows us to advance our mission of delivering inclusive financial services across the nation by offering our customers a broader range of life insurance products tailored to their needs.” Similarly, Sameer Bansal, MD and CEO of PNB MetLife, stated that the partnership reflects their commitment to making life insurance accessible to all Indians and their belief that insurance is a promise of security and resilience for families.
India Post Payments Bank, which was launched in 2018, has the mission to remove barriers for the unbanked and underbanked and reach the last mile using its postal network. PNB MetLife, on the other hand, is a major life insurance company with a strong presence in India, offering a range of products covering child education, family protection, long-term saving, and retirement. The partnership between the two companies aims to create a strong ecosystem for life insurance adoption and awareness, ultimately achieving financial inclusion for all.