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IPPB Life Insurance Products (SPG & GPG) | IPPB - Bajaj Allianz Life Insurance Company (BALIC) Smart Protect Goal (SPG) & Guaranteed Pension Goal (GPG)


Government of India

Ministry of Communications

Department of Posts

(PBI Division)

Dak Bhawan, New Delhi

Dated 22 June 2022

Subject: Launch of Term and Annuity Life Insurance Products by IPPB

The strategic partnership with one of India's leading private insurers - Bajaj Allianz Life Insurance Corporation (BALIC) - has enabled India Post Payments Bank (IPPB) to provide life insurance products to millions of Indian citizens through our branch network.

2. As there is a high likelihood that majority of the customers would have simple life insurance requirements of Smart Protect Goal (SPG) i.e. term product and Guaranteed Pension Goal (GPG) (i.e. Annuity Products), distributing and soliciting insurance proposals from customers is to be done through the POSP model.

3. IPPB is set for the rollout of two new life Insurance Products (GPG & SPG) for the customers in partnership with Bajaj Allianz Life Insurance Company Limited which can be solicited through DOP certified end users. With these products rollouts, bank shall be able to address life cover & guaranteed pension requirements for all our customers. Details of GPG and SPG are at Annexure

4. The field SOP for Bajaj Allianz Life Smart Protect Goal (SPG) and Bajaj Allianz Life Guaranteed Pension Goal (GPG) are enclosed as Annexure-lI

5. IPPB-BALIC co-branded collaterals are deployed in IPPB branches, with the launch of LI products through DoP, the new collaterals with tripartite logos (IPPB-DoP-BALIC) will be required for display in DOP offices to ensure proper product visibility to walk-in customers and End Users. These are also enclosed herewith

6. In this regard, IPPB has also planned the motivational login drive “Jeevan Suraksha Mahotsav" planned till 31st July 22 to activate more end users in the initial days for higher adoption of the product.

7. Inview of above, Circles are requested to extend support for a successful campaign and to popularize the IPPB service in the Circle.

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