Latest News | Aegon Life Teams Up with Ahalia Finforex to Provide Life Insurance

Kochi, Apr 1 (PTI) Aegon Life, a leading digital life insurance company, has partnered with Ahalia Finforex, a Kerala-based diversified financial services firm, to provide life insurance access to the unorganised and unserved segments of the society residing in Kerala.

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The exclusive partnership between Aegon Life and Ahalia Finforex provides insurance coverage to over five lakh Ahalia customers via the insurer's Group Credit Life product, Ahalia Finforex said, adding that the move is a significant step towards its vision to make every household financially secure.

"It allows borrowers to access loans without putting an undue financial burden on their dependents. Moreover, in the event of the borrower's death, Aegon Life protects their family from loan repayment with the insurance cover covering the loan amount," Ahala group said in a release.

It said customers can avail this product with a one-time affordable premium, making it easily accessible to the unserved and unorganised segment of customers.

Satishwar Balakrishnan, the MD and CEO of Aegon Life, said the company was committed to securing every household financially.

"Through this partnership, Ahalia's customers in Kerala can access financial protection when taking a loan, ensuring that the borrower's demise does not bankrupt the entire household. We want consumers to realise the benefit and financial safety that Life Insurance provides," Balakrishnan said.

He said Aegon Life's partner strategy will solve the protection gap for under-penetrated customer segments.

"The Group Credit Life Insurance cover is attached to a lending product like a loan. It safeguards the interests of the borrower's family, helping them avoid a debt burden while protecting the lender from an unpaid loan. The product can be purchased offline, via branches of Ahalia Finforex," the release said.

Managing Director of Ahalia Finforex, N Bhuvanendran, said with this partnership, they will cater to the unserved populace in small towns, helping them access insurance cover against the loans.

"Across our over 60 branches in Kerala, we see an inflow of customers who are not fully aware of the need for insurance and the protection such products offer to the unorganized sector. With this partnership, we will cater to the unserved populace in small towns, helping them access insurance cover against the loans, which could weigh on them in the untimely demise of the borrower. We believe there is a real need for such innovative solutions," Bhuvanendran said.

Aegon Life has successfully onboarded partners like Flipkart, Paytm, Mobikwik and others. It plans to bring onboard 100 distribution partners in 2022.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)