PNB MetLife Joins Hands with Saraswat Bank for Financial Inclusion
On January 15, 2025, PNB MetLife India Insurance Company Limited announced a strategic bancassurance partnership with Saraswat Co-Operative Bank Ltd., India’s largest urban co-operative bank. This collaboration aims to provide a comprehensive range of life insurance solutions—including savings, protection, retirement, and group plans—to Saraswat Bank’s extensive customer base of approximately 30 lakh individuals across 302 branches nationwide.
Objective: The partnership seeks to address India’s significant insurance protection gap by leveraging Saraswat Bank’s trusted legacy and PNB MetLife’s insurance expertise. The goal is to make life insurance accessible to millions of Indians, catering to customers’ financial needs across various life stages and providing essential financial protection.
PNB MetLife is a leading life insurance company in India, combining the financial strength of MetLife, Inc. with the credibility of Punjab National Bank (PNB), one of India’s oldest nationalized banks. The company offers a comprehensive product portfolio covering child education, family protection, long-term savings, and retirement. As of November 30, 2024, PNB MetLife has a strong presence with 155 branches and access to customers in over 19,000 locations through bank partnerships.
Saraswat Bank, established over a century ago, is India’s largest urban co-operative bank. With a presence in six states—Maharashtra, Goa, Gujarat, Karnataka, Madhya Pradesh, and Delhi—the bank operates over 300 branches and ATMs. As of March 31, 2024, it reported a total business of over ₹82,000 crore. The bank offers a wide range of personal and business banking solutions tailored to meet unique customer needs.
| Why in News | Key Points |
|---|---|
| PNB MetLife partners with Saraswat Co-Operative Bank to offer insurance solutions | – Partnership announced on January 15, 2025 |
| – Aim: To provide life insurance products (savings, protection, retirement, and group plans) | |
| – Saraswat Co-Operative Bank serves ~30 lakh customers across 302 branches nationwide | |
| – Objective: To bridge India’s insurance protection gap and increase financial inclusion | |
| – PNB MetLife brings expertise in insurance, Saraswat Bank has a wide customer base | |
| PNB MetLife | – Part of MetLife, Inc. and Punjab National Bank (PNB) |
| – Offers a range of life insurance solutions | |
| – 155 branches and presence in 19,000 locations through bank partnerships | |
| Saraswat Co-Operative Bank | – India’s largest urban co-operative bank |
| – Established over 100 years ago, with 300+ branches across 6 states | |
| – Total business over ₹82,000 crore as of March 31, 2024 | |
| Key Focus | – Enhance financial protection and accessibility through bancassurance |
| – Collaboration expected to improve access to life insurance solutions across diverse customer segments |
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