Mahindra Insurance Brokers partners with NNSB to offer customized Life Insurance Solutions

  • Mahindra Insurance Brokers partners with NNSB to offer customized Life Insurance Solutions
    Mahindra Insurance Brokers partners with NNSB to offer customized Life Insurance Solutions
     Mahindra Insurance Brokers Ltd (MIBL), a leading insurance broking company primarily ...
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Nagpur : Mahindra Insurance Brokers Ltd (MIBL), a leading insurance broking company primarily serving rural and semi-urban India, SMEs and Corporates, has partnered with Nagpur Nagarik Sahakari Bank (NNSB), one of the oldest and leading cooperative banks in Vidarbha, to introduce a customised Group Term Life Insurance product for the bank's customers. 

The customized Life Insurancesolunon is designed to safeguard the interests of both the customer and the bank. Under this arrangement, customers who have availed of a loan — home, vehicle or personal, from the bank, will also be covered for the amount of the loan, throughout the loan tenure. In the unfortunate event of death of the customer, the sum assured would be used to settle the outstanding loan amount to the bank and the balance would be paid to the nominee. Thus reducing the financial burden on the family and also protect the loan amount for the bank.This social impact solution will safeguard the interests of the bank's customers, who are largely traders in semi-urban and urban areas in the States of Maharashtra, Madhya Pradesh and Chhattisgarh. Dr, Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd said, "MIBL has been safeguarding livelihoods across rural India, having serviced over 1 crore insurance cases, since inception. We have been continuously reinventing our offerings and effectively leveraging new age technology to drive positive change. We believe that these innovations have helped us create solutions around affordability, while also offering customers simplicity, flexibility and convenience. Our ultimate goal is to reach every Indian household with an insurance solution,thus helping improve the economic resilience of rural India. Our partnership with Nagpur Nagarik Sahakari Bank, is yet another step forward in our mission to deepen insurance penetration in the country." Speaking on the occasion, Mr Sanjay Bhende, Chairman, Nagpur Nagarik Sahakari "This new life insurance solution for our loan borrowers is a gift to thesecustomers on the occasion of the Bank's Foundation Day. Under this scheme, the Bank will receive financial protection for the loan amount disbursed, while the borrower's family will be released from the burden of debt repayment in the event of death of the borrower. This solution will simultaneously help control the Bank's rising NPA due to such loan defaults. The sum due to the bank will be transferred to the bank and the remaining amount will be handed over to the beneficiaries of the borrower.We are confident  that our tie-up with MIBL, India's leading insurance advisors, will benefit both our existing and new customers, and give them access to affordable life insurance products, in a simple and convenient format," The customer enrolment process is a simple one, requiring minimal documentation. The claim settlement process will be fully monitored by MIBL thus ensuring a transparent, hassle-free claim experience. This solution will be available to the bank's customers across its 45 branches in the States of Maharashtra, Madhya Pradesh and Chhattisgarh. 

The penetration of life insurance in the hinterlands is currently very low, hence providing a large opportunity for growth. Research shows that besides low awareness, fear of long-term commitment towards premium payments, cumbersome procedures, lack of trust and dissatisfying experiences are some of the aspects that hinder insurance penetration. MIBL has been continuously striving to offer solutions that address these challenges and provide its customers a seamless, hassle-free and transparent buying and claims experience, facilitated by its wide network of 400+ locations across India, and its in-house Customer Contact Centre. 

MIBL recently received the Porter prize 2018 for "Creating Shared Value." The award recognized MIBL for the impact created in the insurance industry by re-conceiving insurance products and markets, enhancing productivity in the insurance value chain and enabling community development and hence fostering economic growth in rural and semi-urban markets. 

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