PNB ties up with Bajaj Allianz General for distribution

New Delhi: State-owned Punjab National Bank (PNB) and Bajaj Allianz General Insurance have signed an agreement for the distribution of insurance products through the branches.

Under this agreement, Bajaj Allianz General Insurance will offer personal lines of insurance products such as health, personal accident, home, motor and travel along with commercial line of insurance products such as property, marine and engineering insurance, etc to the bank’s customers, a joint statement said on July 26.

The bank has widespread network of around 7,000 branches. The insurance company will also cater to the bank’s significant base of rural and semi rural customers by offering them its wide range of rural insurance products.

Commenting on the partnership, Sunil Mehta, MD of PNB said, “Such type of insurance tie-ups leads our 100 million customers to various products under one roof”.

“The company extremely pleased to partner with one of the largest lender and is confident that this partnership will help us take insurance solutions to some of the remotest corners of our country through the bank’s extensive network of around 7,000 branches,” Bajaj Allianz General Insurance MD Tapan Singhel.

“At the same time, we at Bajaj Allianz will ensure a seamless and instant insurance experience to the banks urban as well as rural customers through our digital offices,” he added.