Punjab & Sind Bank ties up with Bajaj Allianz to market low cost insurance product for financial inclusion

Company Brief

New Delhi, December 23, 2010

Punjab & Sind Bank (PSB), one of the leading PSU Bank has inked a pact by signing an MOU with Bajaj Allianz Life Insurance to market its low cost insurance product across all its branches in the country. The product caters to the needs of rural mass markets, economically weaker sections of the society and would help the bank in providing insurance solutions for financial inclusion.

On signing the MOU, Mr. P K Anand, Executive Director, PSB, said, "We are happy to partner with Bajaj Allianz Life Insurance to distribute the exclusive product - SSS. With this partnership, we would be able to provide the much needed life insurance protection to the economically weaker sections of the society. The MOU was signed by Mr Vijay Srivastava, General Manager - Priority Sector, PSB from the bank's side.

Mr. A. S. Narayanan, President - Institutional Business, Bajaj Allianz Life Insurance, said, "Our association with PSB, helped us to develop an exclusive product to suit their requirements for low income customers. This will enable us to play a small role in the banks' goal of financial inclusion and protection." Under this policy the insured can pay a premium as low as Rs. 500 Per Annum or Rs. 45 per month.

Punjab & Sind Bank, headquarted in New Delhi, was founded in 1908 in Amritsar with a principle of social commitment to help the weaker section of the society in their economic endeavours to raise their standard of life. Punjab & Sind Bank was founded with the far-sighted vision of luminaries like Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh. Decades have gone by even today Punjab & Sind Bank stands committed to honor the social commitments of the founding fathers. The Bank envisions emerging as a strong vibrant Bank through synchronization of the human, financial and technological resources. This was one of the six Nationalised Bank in 1980. Punjab & Sind Bank has a PAN india presence with 936 Branches 6.5 million customer and have total business of 88000 crore

Bajaj Allianz Life Insurance is one of the leading private life insurance companies has a range of need-based life insurance products with a pan India presence. Bajaj Allianz Life Insurance was one of the few profitable life insurers with a Profit of Rs.360 crores in H1 as on 30th September 2010.

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