Bajaj Allianz Life to sell insurance to Paschim Banga Gramin Bank's customers

KOLKATA: Bajaj Allianz Life Insurance Company has joined hands with Kolkata-based Paschim Banga Gramin Bank for selling its group life insurance products to the bank's 2 lakh borrowers. Bajaj will offer life risk cover to the bank's borrowers to protect their family from the burden of repayment of the loan in the event of the borrower's death.

The two entities have signed a memorandum of understanding on Monday in Kolkata. Paschim Banga Gramin Bank is a regional rural bank sponsored by Uco Bank.

Speaking at the occasion, Paschim Banga Gramin Bank chairman Sabyasachi Das said: "This tie up will enable us to offer a low cost financial product, suitable to a large segment of the population. This takes us forward in our target of financial inclusion for our vast array of customers."

Bajaj Allianz Life's president and head for alternate channel Atanu Singh Mukherjee said: "Paschim Banga Gramin Bank is a one of the leading RRBs in the country. This association will enable us to strengthen our commitment to reaching out to all strata of the population through a wide range of group insurance products."