HDFC Life forays intomicro insurance, targets micro finance institutions
Group Credit Suraksha provides insurance protection against outstanding loan liability in the event of untimely demise of the insured member, while Group JeevanSuraksha provides insurance coveragainst untimely death.
Further enhancing its products and offerings portfolio, HDFC Life’s entry into the micro insurance space also comes at a time when India is still vastly underinsured.
On the occasion of the launch Sujoy Manna, VP-Products at HDFC Life said, “There is a significant potential in the micro insurance space and we are committed to align with the government’s visionof a financially inclusive country. We will leverage our multi-channel distribution networkand learning from our past successes while foraying into new product categories,drive penetration for our micro insurance offerings in India.”
“By partnering with micro finance institutions, we will tap the financially underinsured sections across India and cooperatives that form a large part of the unorganised sector. With growth in micro credit in India we believe that the demand for these products will improve as an efficient tool to manage financial risk,” Sujoy Manna added.
HDFC Life Group JeevanSuraksha and HDFC Life Group Credit Suraksha are micro insurance products which address the needs of the Employees of Micro Finance Institutions, Co-operatives and Members / Employees of other homogenous groups to provide financial security at a nominal cost in the event of unfortunate death of a Member / Employee.
Group Credit Suraksha offers insurance protection against loan liabilities for up to Rs 2 lakhs, with a flexibility to choose between level ordecreasing cover.
The cover can be availed on a joint life basis as well, with a 5% discount on premium of the younger life assured,with an additional life cover during the moratorium period for customers who have opted for a home, education or any other mortgage loan.
Group JeevanSuraksha is a pure insurance term plan that provides financial protection to the family in case of the untimely death of the insured. One of the key benefits of this policy is that it allows flexibility to choose between fixed and varying assured sum Assured at a nominal cost.
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