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HDFC Life, one of India's leading life insurers and Digamber Capfin Ltd. have come together with the aim of covering micro loans, thereby enhancing financial inclusion. This partnership would enable expanding access to life insurance across underserved regions of India.
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HDFC Life and Digamber Capfin Ltd. Collaborate to Cover Micro Loans and Make Life Insurance Accessible for All
This association will leverage Digamber Capfin's extensive network across 120 districts in Rajasthan, Madhya Pradesh, Bihar, Uttar Pradesh, Uttarakhand, Haryana, Punjab, Himachal Pradesh and Jammu & Kashmir, thus enabling deeper penetration of life insurance into semi-urban and rural markets.
This will give further impetus to the common objective of both organisations - to bridge the financial inclusion gap by reaching diverse and previously untapped communities. The initiative aligns with HDFC Life's commitment to making life insurance accessible to every Indian, thus contributing to the larger goal of financial security and empowerment for all.
Speaking on this, Vineet Arora - Executive Director & Chief Business Officer, HDFC Life said, "We are pleased to collaborate with Digamber Capfin Ltd. The life insurance industry has set out to achieve the goal of 'Insurance for all by 2047'. At HDFC Life, we are endeavouring to achieve this collective goal by enhancing our footprint across geographies. We believe this association will play an important role in insuring individuals, especially those belonging to the economically weaker section of the society, thus securing the future for them and their families."
Speaking on the partnership, Rajiv Jain - Chairman and Managing Director, Digamber Capfin Ltd. said, "We are extremely delighted to partner with HDFC Life to ensure that every loan extended to underprivileged entrepreneurs gives them social security. This collaboration will provide financial protection to their families in the unfortunate event of the borrower's demise. HDFC Life's strong focus on customer centricity and its simplified, end-to-end processes will enable Digamber Capfin Ltd. to effectively extend insurance coverage to low-income individuals at the bottom of the pyramid."
