PNB MetLife India Insurance Company Limited has formed a strategic bancassurance partnership with Saraswat Co-Operative Bank Ltd., one of India’s largest Urban Co-operative Banks. The partnership aims to enhance financial inclusion by offering a range of life insurance solutions to Saraswat Bank’s customer base of approximately 30 lakh individuals across 302 branches nationwide. The collaboration will provide customers with a comprehensive suite of insurance products, including savings, protection, retirement, and group plans, to meet their financial needs across various life stages.
Sameer Bansal, Managing Director and CEO of PNB MetLife, emphasized the urgent need for insurance solutions to make life insurance accessible to millions of Indians, citing the significant insurance protection gap in the country. Arti Patil, Managing Director and CEO of Saraswat Co-Operative Bank Ltd., reiterated the bank’s commitment to providing the best life insurance solutions to its customers.
By combining their strengths, PNB MetLife and Saraswat Bank aim to increase insurance penetration, promote financial inclusion, and address the protection gap by reaching out to underserved and uninsured segments of the population. The partnership will help realize PNB MetLife’s positioning, “Milkar Life Aage Badhaein,” which translates to “Let’s Move Life Forward Together.” With this strategic partnership, PNB MetLife is well on its way to making life insurance accessible to millions of Indians, bridging the protection gap, and promoting financial inclusion.