4th Oct 2024 Mumbai, Maharashtra, India HDFC Life, one of India’s leading insurers, has expanded its partnership with Sundaram Finance. Through this collaboration, HDFC Life will offer HDFC Life Group Credit Protect Plus Insurance Plans to customers of Sundaram Finance, across loan segments, including commercial vehicles, cars, and tractors.
Founded in 1954, Sundaram Finance is a listed, non-banking finance company (NBFC) known for offering a wide range of financial services and products. The company has a strong asset base, top credit ratings, and a reputation for strong values. The company has a wide-reaching network of over 700 branches across India.
HDFC Life Group Credit Protect Plus Insurance Plan is a crucial financial safeguard for a borrower. The product ensures that the borrower’s liabilities do not become a burden on the family. In the event of the borrower’s death, the outstanding loan amount is fully settled by the life insurer, thus sparing the family from the strain of repaying it. This assures peace of mind to the borrowers and financial security to their families. The product is designed to cater to various loan categories, offering both flexibility and convenience to borrowers and lenders alike.
This partnership is a step towards securing individuals who are striving to fulfill their dreams. HDFC Life offers life insurance solutions that not only protect customers but also safeguard their long-term aspirations. By leveraging the reach of Sundaram Finance’s extensive branch network, this partnership will further strengthen HDFC Life’s presence and also make life insurance easily accessible to a broader audience.
In FY24, HDFC Life covered 6.6 crore lives and achieved a 99.5% claim settlement ratio for individual claims, reflecting its commitment to policyholders.
With life insurance penetration in India at 3.2% of GDP and a protection gap of around 91%, there is a growing need for financial security. The Insurance Regulatory and Development Authority of India (IRDAI) has set the vision of ‘Insurance for all by 2047’, aiming for universal insurance coverage in India.
Speaking on the partnership, Vibha Padalkar – Managing Director & CEO, HDFC Life said, “We are delighted to partner with Sundaram Finance. This partnership would enable Sundaram Finance to offer HDFC Life’s life insurance products as well as HDFC Life Group Credit Protect Plus Insurance Plan to their customer base. The strong on-ground presence of Sundaram Finance, combined with our innovative products and superior customer service, will enable us to reach individuals across the country, securing their lives as well as liabilities and financially protecting their families. As we continue our journey in life insurance, we are committed to contributing towards achieving the vision of ‘Insurance for All by 2047’.”
Speaking on the partnership, Rajiv Lochan – Managing Director, Sundaram Finance, said, “At Sundaram Finance, our commitment has always been to place our customers at the heart of everything we do. Over the last 70 years, we have built trusted, multi-generational relationships that go beyond financial services — we have been a part of our customers’ lives, through their milestones and aspirations. This partnership with HDFC Life allows us to further deepen this bond by offering life insurance solutions that provide security and peace of mind for families across the country. As we look to the future, we are excited to bring together our legacy of trust with HDFC Life’s innovation, ensuring that our customers, no matter where they are, are protected and empowered for generations to come.”