NewsVoir
Mumbai (Maharashtra) [India], January 30: HDFC Life is delighted being the preferred life insurance partner of SATYA MicroCapital Ltd. which will help in improving access to life insurance in underserved areas. This collaboration underscores the importance of partnerships in addressing the financial security needs of diverse population and expanding access to life insurance in regions where it is most needed.
SATYA MicroCapital Limited operates across 26 states and nearly 350 districts with a network of over 830 branches. The organisation has been working towards bridging the financial inclusion gap by supporting a significant number of rural women entrepreneurs and fostering local economies. The partnership seeks to build on SATYA's existing efforts by introducing life insurance as an additional layer of financial security.
HDFC Life brings a diverse portfolio of products designed to meet the needs of individuals across different demographics, along with a proven record of delivering on its promises, as reflected in a claim settlement ratio of 99.50% for FY24. The partnership aims to align these strengths with SATYA's grassroots presence and technology-driven approach to reach previously untapped communities.
Sharing his views on the collaboration, Vivek Tiwari - MD & CEO, SATYA MicroCapital Limited, stated, "We are extremely ecstatic to partner with HDFC Life, which marks a significant milestone in our commitment to empowering women entrepreneurs across India. By integrating life insurance services into our offerings, we not only enhance the financial security of our clients but also provide them with the tools they need to thrive on their entrepreneurial journeys. This collaboration reflects our unwavering commitment to supporting women in achieving their dreams while ensuring their families are protected. Together with HDFC Life, we aim to create a robust ecosystem that fosters growth, resilience, and sustainability for every woman entrepreneur we serve."
Commenting on the collaboration, Vineet Arora - Chief Business Officer - Distribution, Data & Technology, HDFC Life, commented, "This partnership reflects our shared vision of extending financial security to more people across India. SATYA MicroCapital's work in promoting financial independence and inclusion aligns closely with HDFC Life's mission to make insurance accessible to all. Together, we aim to take meaningful steps towards achieving the broader goal of 'Insurance for All by 2047'."
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