Additionally, AIA Australia has teamed up with the bank to launch a life insurance product, according to Financial Standard.
Dubbed as Bendigo SmartCover, the new product offers life protection, as well as cover for critical illnesses, disabilities and accidents.
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The life insurance product will be available for customers through the internet, phone or via advisers.
AIA Australia general manager of life insurance Damien Mu said: "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."
The launch of the new direct insurance product follows a research that revealed that the take up of risk insurance in 2012 among Bendigo Bank customers was really low.
Bendigo wealth executive John Billington said; "By building a solution that removes some of the barriers to taking out life cover we believe that this is the ideal starting point."
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