Federal Financial institution, Bajaj Allianz Life Insurance coverage enter into bancassurance tie-up

Federal Financial institution, a non-public sector financial institution, has entered right into a Bancassurance tie-up with Bajaj Allianz Life Insurance coverage, a non-public life insurer.

This partnership will allow Federal Financial institution’s clients to seamlessly entry Bajaj Allianz Life Insurance coverage’s merchandise, throughout the Financial institution’s in depth community in India.

This strategic partnership goals to leverage the mixed strengths of Bajaj Allianz Life and Federal Financial institution. It aligns with each the businesses’ strategic targets and progress plans and can drive insurance coverage penetration and market growth. 

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P V Pleasure, SVP & Nation Head, Federal Financial institution mentioned, “We’re happy to announce a strategic Company Company Bancassurance partnership with Bajaj Allianz Life Insurance coverage Firm.  This partnership goals to carry the various vary of life insurance coverage options throughout our touchpoints. 

This affiliation will allow us in our purpose to make insurance coverage simply accessible to everybody. We imagine it’s going to assist our clients make investments correctly and safe their monetary future.”

Dheeraj Sehgal, Chief Distribution Officer – Institutional Enterprise, Bajaj Allianz Life, mentioned, “We’re glad to enter into this strategic partnership with Federal Financial institution, because it represents a major step in the direction of our shared imaginative and prescient of empowering clients with strong monetary options to realize their life targets with confidence. 

By leveraging Federal Financial institution’s in depth community and our complete vary of life insurance coverage merchandise, we goal to offer clients with seamless entry to insurance coverage options throughout varied touchpoints”.

Bancassurance is an insurance coverage distribution mannequin the place insurance coverage corporations accomplice with banks to promote insurance policies. Each the financial institution and the insurance coverage firm get to learn from this association. 

Whereas the financial institution earns a fee from the insurance coverage firm, the insurer features from the distribution community of the financial institution.

Insurance coverage regulator IRDAI had in 2022 extensively thrown open the bancassurance channel for insurers as a part of its general effort to extend insurance coverage penetration within the nation and obtain the long-term purpose of ‘insurance coverage for all’ by 2047, when the nation will rejoice its golden jubilee of independence.

The regulator had paved the way in which for company brokers (banks) to have distribution tie up with most of 9 life insurers, 9 common insurers and 9 well being insurers. Additionally, insurance coverage advertising and marketing companies (IMF) can now enter into tie up with as many as six life, common and well being insurers.

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