CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: 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.
