Mumbai. HDFC Ergo General Insurance Company and National Securities Depository Limited (NSDL) subsidiary NSDL Payments Bank Limited have announced their participation. Under this partnership, a full range of general insurance products will be offered to the customers of the bank.
The partnership of the two companies aims to contribute to financial inclusion in the country by combining NSDL Payments Bank’s deep distribution network and HDFC Ergo’s strong innovation pipeline. Insurance penetration in India is still low, but the current Corona epidemic has increased this need, especially the need for health insurance. With this partnership, NSDL Payments Bank customers will get comprehensive security solutions under one roof. Customers will also get the benefit of sophisticated digital capabilities offered by NSDL Payments Bank and HDFC Ergo through self-service and assisted channels.
According to Ankur Bahore, President of Bancassurance at HDFC General Insurance, we are confident that a seamless digital sales platform will provide a smooth shopping experience to the bank’s customers. Through this partnership, HDFC Ergo is once again reiterating its commitment to reach customers and make its products available to all possible sections of the society.
According to Ashutosh Singh, CEO, NSDL Payments Bank, investing in health has always been important. However, its realization has increased in the last six months. More than 75 percent of our customers are under 30 years of age. So we are thrilled to give them the right strategies for wealth allocation at a young age. NSDL Payments Bank is a digital-preferred payments bank that will offer affordable and subjective insurance solutions to its customers through a mobile banking application called NSDL Jiffy.
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