Private insurer HDFC Life has forayed into micro-insurance segment by launching two products, Jeevan Suraksha and Credit Suraksha to provide financial security at a nominal cost.
“There is a significant potential in micro-insurance space and we are committed to align with the government’s vision of financially inclusive country. We will leverage multi-channel distribution network and learning from past successes, while foraying into new product categories, drive penetration for our micro insurance offerings in the country,” HDFC Life VP, Products, Sujoy Manna said in a release issued here.
By partnering with micro finance institutions, the private insurer will tap the financially under insured sections across India and cooperatives that form a large part of the unorganised sector, he said.
“With growth in micro credit in India, we believe that the demand for these products will improve as an efficient tool to manage financial risk,” Manna added.
HDFC Standard Life Insurance is a joint venture between leading housing finance institution HDFC and global investment company Standard Life.