ESAF Small Finance Bank, a leading bank in the rural segment of India, has joined hands with Edelweiss Tokio Life Insurance, a new age life insurance company, to offer life insurance products to its customers. The bancassurance partnership aims to provide financial security and protection to the unbanked and underbanked population in India.
Benefits of the Partnership
The partnership will enable ESAF Bank to diversify its product portfolio and offer innovative and customer-centric life insurance solutions to its customers. Edelweiss Tokio Life Insurance will leverage ESAF Bank’s strong presence and reach across rural markets in India to expand its customer base and penetration.
K. Paul Thomas, the MD and CEO of ESAF Small Finance Bank, said, “This partnership aligns with our goal of providing our customers with a broad range of financial solutions. We look forward to making a meaningful impact in the lives of our customers. By extending the reach of life insurance to underserved communities, we are taking a significant step towards inclusive financial security.”
Sumit Rai, the MD & CEO of Edelweiss Tokio Life Insurance, said, “We have a strong presence in South India, and our partnership with ESAF Small Finance Bank will enable us to cement our leadership in this region. We will collaborate with the bank to improve our customer understanding in the region and bring innovative and relevant insurance solutions.”
About ESAF Small Finance Bank
ESAF Small Finance Bank is one of the leading small finance banks in India, with a focus on serving the rural and semi-urban customers. The bank offers a range of banking and financial services, such as savings accounts, loans, microfinance, remittances, insurance, and pension products. The bank has over 500 branches across 19 states and union territories in India, serving more than 4 million customers.
About Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Group of India and Tokio Marine Holdings of Japan. The company offers a variety of life insurance products, such as term plans, savings plans, retirement plans, child plans, health plans, and group plans. The company has over 200 branches across 120 cities in India, serving more than 1.5 million customers.