HDFC ERGO General Insurance, a non-life insurance company in the private sector, launched a Business Kisht Suraksha, a unique cover to protect the balance sheet of the Microfinance Institutions(MIFs), Financial institutions and banks against the natural calamities and disasters.
This will address the impacts of calamities on the lending business by compensating against climate change and protect the Financial institutes from rising Non-Performing Asset (NPA).
Aim:
To limit the impact on the balance sheet of financial institutions due to non-payment of EMIs by borrowers, resulting out of listed disasters such as floods, earthquakes and hurricanes.
About Business Kisht Suraksha:
i.The Business Kisht Suraksha can be customized based on the requirements of an individual MFI or financial institution.
ii.The product can also be customized based on the geographical presence of the borrower, MFI or Financial institution basis the climatic conditions that the location is prone to.
iii.The MFI or Financial institution has the option to choose the number of EMIs that needs the insurance coverage based on the exposure of the lender.
Additional info:
i.The HDFC ERGO offers a range of general insurance products including Motor, Health, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space and Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space.
ii.For rural India, HDFC ERGO offers a wide range of products like Gramin Suraksha, Parivaar Suraksha, Crop, Weather and Cattle insurance.
iii.Mosquito Disease Protection Policy, E@secure, Title and Solar Energy Shortfall Insurance were some of the innovative insurance products of HDFC ERGO.
Recent Related News:
On November 23,2020 NSDL Payments Bank Limited, digital-first payments bank entered into partnership with HDFC ERGO General Insurance Company Limited to offer a customised, affordable and whole range of general insurance products to its customers through NSDL Jiffy, mobile banking application.
About HDFC ERGO General Insurance:
HDFC ERGO General Insurance is a joint venture(51:49) of Housing Development Finance Corporation Ltd. (HDFC)and ERGO International AG.
MD & CEO– Ritesh Kumar
Head Office– Mumbai, Maharashtra
