AIA Australia, a life insurance company, has reached a five-year agreement with Bendigo Bank to offer life insurance products directly to the lender's consumers across the country.
Under the terms of the contract, AIA has created a new direct life insurance policy known as Bendigo SmartCover and can be purchased over the phone and through the Bendigo Bank website.
Distributed jointly by Bendigo Bank and AIA Australia, the flag-ship product offers one of the most comprehensive levels of life insurance protection available in the market, including critical illnesses, disabilities and accidents and well as life protection.
The new initiative is in response of a research that 56% of Bendigo Bank customers did not have life cover, while a total of 69% did not have income protection.
Commenting on the announcement, Bendigo Wealth executive John Billington said that partnering with a life insurance specialist was an important step in supporting the financial health of customers.
"From product application through to claim, Bendigo SmartCover will be backed by the exceptional customer service that our loyal customers come to expect," Billington added.
AIA Australia life insurance general manager Damien Mu commented: "The partnership with Bendigo Bank will help us to reach more Australians about the need for life insurance, outside of our traditional group and retail channels."