VMPL
Gurugram (Haryana) [India], October 8: Pramerica Life Insurance, one of India's fastest growing life insurers, has entered into a strategic bancassurance partnership with Equitas Small Finance Bank (ESFB). The collaboration is aimed at strengthening Pramerica Life's distribution network and extending life insurance access to families across Indiafrom metropolitan centres to rural heartlands.
Through this partnership, Pramerica Life will leverage Equitas's extensive network of nearly 1,000 outlets and 375 ATMs to offer a comprehensive suite of retail and group life insurance solutions. The product portfolio will include life, savings, and health-focused plans, along with Unit Linked Insurance Plans (ULIPs) that combine investment opportunities with insurance benefits.
The partnership will be implemented in phases and will also extend to microfinance and loan protection segments, thereby addressing the financial security needs of a broad customer base.
With a customer base of over 2.5 million across 18 states and a robust deposit franchise, Equitas Small Finance Bank provides Pramerica Life with a strong platform to reach both urban and rural customers, including self-employed, salaried, and underserved segments.
Aligned with the Insurance Regulatory and Development Authority of India's (IRDAI) vision of "Insurance for All by 2047", this collaboration leverages the combined strengths of banking and insurance to advance financial inclusion and enhance insurance penetration in India.
This partnership holds particular significance in southern Indiaespecially Tamil Nadu, Karnataka, and Keralawhere Equitas has a deep-rooted presence. Customers in these regions will now have convenient access to tailored life insurance, savings, and investment-linked solutions that address their evolving financial goals.
Speaking on the partnership, Mr. Pankaj Gupta, MD & CEO, Pramerica Life Insurance, said:
"This collaboration marks an important milestone in Pramerica Life's journey to expand its distribution reach and bring insurance solutions closer to customers. With Equitas's strong presence across urban and rural markets and their deep customer relationships, we are confident of delivering holistic financial solutions that combine the trust of banking with the security of insurance. Together, we aim to further the cause of financial inclusion by empowering millions of customers with products that help them secure their financial future."
Commenting on the collaboration, Mr. Murali Vaidyanathan, Senior President & Country Head Liabilities, Wealth Management & Digital Banking, Equitas Small Finance Bank, said:
"We are delighted to partner with Pramerica Life Insurance, a leading name in the life insurance industry, to offer their range of life insurance solutions across our multiple customer touchpoints. Staying true to our bank's core value - 'Customer First', we believe this partnership will empower our customers with access to a diverse range of products and services, helping them achieve their financial aspirations."
This partnership underscores Pramerica Life's strategy of diversifying distribution channels through bancassurance while complementing its proprietary retail and agent-led channels. It also highlights the company's commitment to underserved segments, driving insurance adoption in semi-urban and rural areas by offering convenient and bundled financial solutions that combine banking and insurance.
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