– Numbers of claims settled in FY17-18 is 46,411
– Amount of claims settled in FY 2017-18 isRs. 108 Crores
June 13, 2018, Delhi / Chennai:DHFL Pramerica Life Insurance (DPLI), one of the leading life insurance
companies in India today is working towards deepening life insurance penetration in the country
through active tie-ups with microfinance institutions and NBFCs. Since FY14-15, the company has
provided life insurance cover to 4.15 crore people through this channel.The initiativeseeks to align with
the government’s emphasis on social security under the financial inclusion mission to address the
problem of very low penetration levels in life insurance. During FY17-18, DPLI has paid claims worth
Rs.108 Crore and has covered 1.93 crore lives. As of today, DPLI has partnership with 77 microfinance
partners including NBFC-MFIs, small finance banks among others.
According to Mr. Anoop Pabby, MD & CEO, DPLI, “We understand that life insurance is a key component
of financial inclusion. At DPLI, our endeavor hasbeen to take life insurance to the bottom of the pyramid
by partnering with microfinance institutions and providing life cover to their customers. These customers
who take income generating loans from the MFIs are highly vulnerable to financial shocks and life
insurance is a must to support them in times of crises. Life Insurance can make a significant positive
difference in the lives of these individuals by helping theirfamilies mitigate shocks and improve the
management of expenses in case of untimely death of the primary bread-winner.Notably, we have
settled claims of 46,000 customers under the MFI segment during FY17-18.”
“We are extremely humbled that recentlyMicrofinance Institutions Network (MFIN), the association of
MFIs has recognized DPLI as an enabler for the microfinance Industry by providing life insurance services
to micro-loan borrowers. MFIN’s primary objective is to work towards the development of the
microfinance sector through responsible lending and client protection among others. Through tie-ups
with MFIs our objective is to support MFIN in their efforts towards growing the microfinance sector. We
are actively looking for more such tie-ups with regional rural banks, self-help groups and other
microfinance institutions to increase awareness about the need for life insurance and making it more
accessible to the marginalized segments of the society”, Added Mr. Pabby.
DPLI has been steadily gaining leadership position in the life insurance industry. Spread across the
country with 117 branches in 29 states with close to 10,000 agents, the company currently protects over
21 million lives. As of today, the company has 34 life insurance products and 6 riders in its product
basket, fulfilling a gamut of life insurance needs including child’s future, protection and retirement
About DHFL Pramerica Life Insurance (DPLI)
DPLI is a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL), one of India’s largest housing finance companies (the second largest in the private sector) and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI), a financial services leader headquartered in the U.S. DPLI represents the coming together of two renowned financial services organizations with a legacy of business excellence spread over decades.
DPLI has a pan India presence through multiple distribution channels which have been customized to address the specific insurance needs of diverse customer segments. The Company is committed to providing protection and quality financial advice to its customers. For further information on the Company, please visitwww.dhflpramerica.com.
DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access for Indians to own a home of their own. Today, led by Mr. Kapil Wadhawan, CMD, DHFL, the company is CARE Triple A rated and reckoned as one of India’s leading financial institutions with a large presence across the country, in addition to representative offices in Dubai and London.
Throughout its years of growth, DHFL has stayed true to its core vision of financial inclusion, especially to the low and middle income customers across India. The company’s wide network, coupled with insights into local customer needs, has enabled the company to provide meaningful financial access to customers even in India’s smallest towns. With a strong business foundation, an extensive distribution network, proven industry expertise and a deep understanding of the Indian customer, DHFL is a respected and trusted financial services company in India with a concerted focus towards enabling home ownership to the low and middle income customer. For further information, please visit www.dhfl.com.
PFI, a financial services leader with $1.366 trillion of assets under management as of September 30, 2017, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. Prudential International Insurance Holdings & Prudential Financial Inc. of the United States are not affiliated with Prudential Plc, a Company incorporated in the United Kingdom. In the U.S., PFI’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information,
please visit http://www.prudential.com.