Mumbai, India, 15 January, 2025: PNB MetLife India Insurance Company Limited (PNB MetLife) has forged a strategic bancassurance partnership with Saraswat Co-Operative Bank Ltd., one of the largest Urban Co-operative Bank in India. This collaboration aims to enhance financial inclusion by offering a comprehensive suite of life insurance solutions, including savings, protection, retirement, and group plans, to Saraswat Bank’s extensive customer base of ~30 lakh individuals across 302 branches nationwide.

Sameer Bansal, Managing Director & CEO of PNB MetLife, said, “India continues to face a significant insurance protection gap. This emphasizes the urgent need for wide-reaching distribution channels to make insurance available to more people. Our partnership with Saraswat Bank is a step towards our mission to make life insurance accessible to millions of Indians. By leveraging Saraswat Bank’s trusted legacy and our insurance expertise, we aim to deliver solutions that address customers’ financial needs across various life stages while also providing them with much needed financial protection.”

Arti Patil, Managing Director & CEO of Saraswat Co-Operative Bank Ltd., said, “Collaborating with PNB MetLife is part of our continuous efforts to bring the best life insurance solutions to our customers. As the largest Urban Co-operative Bank in India, this partnership reinforces our vision of delivering comprehensive services that address every aspect of our customers’ financial well-being.”

By effectively combining the strengths of PNB MetLife and Saraswat Bank, PNB MetLife brings to life its positioning: “Milkar Life Aage Badhaein.” The strategic partnership will help address the protection gap, increase insurance penetration, and promote financial inclusion by reaching out to underserved and uninsured segments of the population.

About PNB MetLife India Insurance Company Limited:

PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life insurance companies in India that combines the financial strength of MetLife, Inc. with the credibility of PNB, one of India's oldest nationalized banks. PNB MetLife’s positioning, Milkar Life Aage Badhaein, is demonstrated through its customer-centric innovations and employee empowerment practices.

With a strong presence in 155 branches and access to customers in over 19,000 locations (as of November 30, 2024) through bank partnerships, PNB MetLife offers a comprehensive product portfolio covering Child Education, Family Protection, Long-Term Saving and Retirement. The Company has a wide range of protection and retirement products available through its sales channel of over 28,000 financial advisors and multiple bank partners and caters to over 521 group relationships in India.

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