Home Credit India, a local arm of the international consumer finance provider with operations spanning over Europe and Asia and committed to drive financial inclusion in India, today announced the acquisition of corporate agency license to provide health insurance from HDFC Ergo General Insurance Company Ltd. and life insurance from Bajaj Allianz Life Insurance Company Ltd. While health insurance will provide coverage for medical expenses, life insurance will provide benefits and financial protection to Home Credit India customers.
With the foray, Home Credit now widens financial solutions under one umbrella and provides customer-friendly insurance offerings. The products have been chosen based on research and insights on the needs of the customers. The offerings provide customization options to make it best suited for the end-user. To optimize the opportunity of serving large customer base and diversify the existing portfolio of product suite in the company, Home Credit has built long term association with leading Insurance players – HDFC Ergo General Insurance Company Ltd. and Bajaj Allianz Life Insurance Company Ltd.
Speaking on the tie-up, Marko Carevic, Chief Marketing & Customer Experience Officer, Home Credit India said; “Our endeavour into Insurance is a landmark achievement of the growth and expansion strategy for India. This partnership is a step towards offering holistic financial solutions to our customers who are otherwise underserved. These products will help in securing our customers’ lives and enabling them with access to better medical care through insurance products at the doorsteps of our customers.”
Under the partnership, Home Credit India will extend benefits of Health Insurance products of HDFC Ergo General Insurance Company Ltd. which will cover them in case of an unfortunate illness or injury. The expenses covered under the policy are – in-patient hospitalization, pre and post hospitalization, domiciliary expenses, day-care procedures as well as cover for newborn baby from day 1. Under Life Insurance, Home Credit India will offer a compelling savings plan of Bajaj Allianz Life Insurance Company which has life cover benefit along with tax-free guaranteed returns.
Commenting on the partnership, Ankur Bahorey, President – Bancassurance, Bajaj Allianz LifeCompany Ltd. said; “We are elated to tie-up with Home Credit India and support their customers in availing quality healthcare. The alliance is an important milestone for us and an integral part of our growth strategy. It is our constant endeavour to make our products more accessible to consumers across all sections of the society and we see immense opportunity in our association with Home Credit India.”
Dheeraj Sehgal, Chief Distribution Officer – Institutional, Bajaj Allianz Life said; “We are happy to provide life insurance solutions to Home Credit India’s 10 million+ customers and securing their life goals with us. This partnership will enable us to reach many more new customers and offer them our simple and effective solutions and bring forth the benefits of life insurance to them. We will also offer our state-of-the-art service solutions to our new customers and be available for them in every possible manner to ensure their life goals are on track with us. This partnership plays a crucial role in augmenting our journey to offer many more customers the benefits of life insurance.”
HCIN customers can avail the best in class products & services from the leading insurance players. Also, the segment will be made aware of the importance of ownership of such products that act as a financial cushion to customers during a moment of distress. The company is committed to drive credit penetration and broaden financial inclusion through responsible lending.