PNB MetLife, a leading insurance company, has partnered with Saraswat Co-operative Bank Ltd, one of India’s largest urban co-operative banks, to enhance financial inclusion and offer life insurance solutions to a vast customer base of approximately 30 lakh individuals across 302 branches nationwide. This strategic bancassurance partnership aims to bridge the insurance protection gap in India by providing a comprehensive suite of life insurance products, including savings, protection, retirement, and group plans. The partnership benefits both parties, with the bank earning a commission from the insurance company and the insurer gaining from the bank’s extensive distribution network.
According to Sameer Bansal, Managing Director & CEO of PNB MetLife, the partnership is a step towards the company’s mission to make life insurance accessible to millions of Indians. By leveraging Saraswat Bank’s trusted legacy and PNB MetLife’s insurance expertise, the company aims to deliver solutions that address customers’ financial needs across various life stages while providing them with the much-needed financial protection.
Arti Patil, Managing Director & CEO of Saraswat Co-operative Bank Ltd, emphasized the importance of collaborating with PNB MetLife to bring the best life insurance solutions to customers. The partnership reaffirms the bank’s vision of delivering comprehensive services that address every aspect of customers’ financial well-being.
The partnership is expected to help address the protection gap and increase insurance penetration while promoting financial inclusion by reaching underserved and uninsured segments of the population. By combining the strengths of PNB MetLife and Saraswat Bank, the partnership brings to life PNB MetLife’s positioning: “Milkar Life Aage Badhaein” (grow life together). With this partnership, the company aims to make life insurance more accessible and affordable for the masses, thereby promoting financial growth and well-being.