New Delhi: DHFL Pramerica Life Insurance (DPLI), one of the leading life insurance companies in India is working towards deepening life insurance penetration in the country through active tie-ups with microfinance institutions and NBFCs.
Since FY14-15, the company has provided life insurance cover to 4.15 crore people through this channel. The initiative seeks to align with the government’s emphasis on social security under the financial inclusion mission to address the problem of very low penetration levels in life insurance. During FY17-18, DPLI has paid claims worth Rs.108 Crore and has covered 1.93 crore lives. As of today, DPLI has partnership with 77 microfinance partners including NBFC-MFIs, small finance banks among others.
According to Anoop Pabby, MD & CEO, DPLI, “We understand that life insurance is a key component of financial inclusion. At DPLI, our endeavor has been to take life insurance to the bottom of the pyramid by partnering with microfinance institutions and providing life cover to their customers. These customers who take income generating loans from the MFIs are highly vulnerable to financial shocks and life insurance is a must to support them in times of crises. Life Insurance can make a significant positive difference in the lives of these individuals by helping their families mitigate shocks and improve the management of expenses in case of untimely death of the primary bread-winner. Notably, we have settled claims of 46,000 customers under the MFI segment during FY17-18.”
“We are extremely humbled that recently Microfinance Institutions Network (MFIN), the association of MFIs has recognized DPLI as an enabler for the microfinance Industry by providing life insurance services to micro-loan borrowers. MFIN’s primary objective is to work towards the development of the microfinance sector through responsible lending and client protection among others. Through tie-ups with MFIs our objective is to support MFIN in their efforts towards growing the microfinance sector. We are actively looking for more such tie-ups with regional rural banks, self-help groups and other microfinance institutions to increase awareness about the need for life insurance and making it more accessible to the marginalized segments of the society”, added Pabby.
DPLI has been steadily gaining leadership position in the life insurance industry. Spread across the country with 117 branches in 29 states with close to 10,000 agents, the company currently protects over 21 million lives. As of today, the company has 34 life insurance products and 6 riders in its product basket, fulfilling a gamut of life insurance needs including child’s future, protection and retirement planning.