DHFL Pramerica Life Insurance takes life Covers to 4.15 Crore
by Shrutee K/DNS
Numbers
of claims settled in FY17-18 is 46,411
Amount
of claims settled in FY 2017-18 is Rs. 108 Crores
June 14, 2018, 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 Mr. 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 Mr. 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.
About DHFL Pramerica Life Insurance (DPLI)
DPLI is a joint venture between DHFL Investments Limited (DIL), a
wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL), one
of India’s largest housing finance companies (the second largest in the private
sector) and Prudential International Insurance Holdings, Ltd. (PIIH), a fully
owned subsidiary of Prudential Financial, Inc. (PFI), a financial services
leader headquartered in the U.S. DPLI represents the coming together of two
renowned financial services organizations with a legacy of business excellence
spread over decades.
DPLI has a pan India presence through multiple distribution channels
which have been customized to address the specific insurance needs of diverse
customer segments. The Company is committed to providing protection and quality
financial advice to its customers. For further information on the Company,
please visit www.dhflpramerica.com.
About DHFL
DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a
vision to provide financial access for Indians to own a home of their own.
Today, led by Mr. Kapil Wadhawan, CMD, DHFL, the company is CARE Triple A rated
and reckoned as one of India’s leading financial institutions with a large
presence across the country, in addition to representative offices in Dubai and
London.
Throughout its years of growth, DHFL has stayed true to its core vision
of financial inclusion, especially to the low and middle income customers
across India. The company’s wide network, coupled with insights into local
customer needs, has enabled the company to provide meaningful financial access
to customers even in India’s smallest towns. With a strong business foundation,
an extensive distribution network, proven industry expertise and a deep
understanding of the Indian customer, DHFL is a respected and trusted financial
services company in India with a concerted focus towards enabling home
ownership to the low and middle income customer. For further information,
please visit www.dhfl.com.
About PFI
PFI, a financial services leader with $1.366 trillion of assets under
management as of September 30, 2017, has operations in the United States, Asia,
Europe and Latin America. Prudential’s diverse and talented employees are
committed to helping individual and institutional customers grow and protect
their wealth through a variety of products and services, including life
insurance, annuities, retirement-related services, mutual funds and investment
management. Prudential International Insurance Holdings & Prudential
Financial Inc. of the United States are not affiliated with Prudential Plc, a
Company incorporated in the United Kingdom. In the U.S., PFI’s iconic Rock
symbol has stood for strength, stability, expertise and innovation for more
than a century. For more information, please visit http://www.prudential.com.
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