PNB MetLife India Insurance Company Limited has announced a strategic bancassurance partnership with Saraswat Co-Operative Bank Ltd., India’s largest urban co-operative bank. The partnership aims to provide a comprehensive range of life insurance solutions, including savings, protection, retirement, and group plans, to Saraswat Bank’s vast customer base of approximately 30 lakh individuals across 302 branches nationwide.
The partnership seeks to address India’s significant insurance protection gap by leveraging Saraswat Bank’s trusted legacy and PNB MetLife’s insurance expertise. The goal is to make life insurance accessible to millions of Indians, catering to customers’ financial needs across various life stages and providing essential financial protection.
Sameer Bansal, Managing Director & CEO of PNB MetLife, emphasized the importance of wide-reaching distribution channels to make insurance available to more people. Arti Patil, Managing Director & CEO of Saraswat Co-Operative Bank Ltd., noted that collaborating with PNB MetLife aligns with the bank’s efforts to offer the best life insurance solutions to its customers.
PNB MetLife is a leading life insurance company in India, combining the financial strength of MetLife, Inc. with the credibility of Punjab National Bank (PNB). The company offers a comprehensive product portfolio covering child education, family protection, long-term savings, and retirement. Saraswat Bank, established over a century ago, is India’s largest urban co-operative bank, operating over 300 branches and ATMs across six states.
The partnership aims to enhance financial protection and accessibility through bancassurance, improving access to life insurance solutions across diverse customer segments. The collaboration is expected to bridge India’s insurance protection gap and increase financial inclusion, making life insurance more accessible to millions of Indians.