New Delhi: RevFin, India's leading digital lending start up, has partnered with PNB MetLife India Insurance Company Limited (PNB MetLife) to provide protection to the customers through life insurance on their loans.
This partnership will support financial inclusion by helping to secure the families of the borrowers against loan repayment burden in the event of the unfortunate demise of the borrower during the loan term.
RevFin customers, who have taken a loan to buy an electric three-wheeler, can take advantage of this tie-up, and cover their outstanding loan amount during the loan tenure. To facilitate the hassle-free process, RevFin customers can apply for this life insurance product digitally without any additional paperwork, and at an affordable premium.
RevFin started this product offer in September 2019 and since then, more than 500 customers have already taken the life insurance plan. This insurance covers loans up to Rs 3 lakhs for a term of 3 years.
The product is offered digitally through RevFin's app (iOS and Android), so there is no additional paperwork needed. Once the insurance underwriting is done, the insurance document is sent to the customer via email.
Sameer Aggarwal, CEO of RevFin, said, "We are very excited to offer this life insurance product to our customers. The initial response has been very good from our electric three-wheeler customers. We will keep working to offer better products to our customers and make them a part of the formal economy."
Sameer Bansal, Chief Distribution Officer, PNB MetLife, stated, "This is an excellent initiative by RevFin to encourage financial inclusion by providing life insurance protection to their customers. Their customers hardly need to spend more than 5 minutes to take up the loan, to protect their families."
"At PNB MetLife, our focus has been to tap new uninsured customers and our tie-up with RevFin is in line with the same. With this collaboration, we will be able to reach out to the unbanked population of India and drive greater financial inclusion," added Bansal.