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.
Aim of the Partnership
To integrate NSDL Payment Bank’s deep distribution network and HDFC ERGO’s strong innovation pipeline to contribute to financial inclusion in India.
COVID-19 pandemic has accelerated the need for insurance, particularly health insurance. Usually, the insurance penetration is low in India.
Benefits of the Association:
Protection under one roof
This association allows customers to access comprehensive protection solutions under one roof and ensure complete financial security.
One-Stop-Shop for all banking and financial services
Customers will get sophisticated digital capabilities offered by NSDL Payment Bank and HDFC ERGO through self-service and support channels, creating a one-stop-shop for all banking and financial services.
HDFC ERGO Builds Insurance Awareness
The association helps HDFC ERGO to create insurance awareness among the public through the wide customer base of NSDL Payments Bank
Over 75% of NSDL Payments Bank’ base is below the age of 30.
Points to be Noted
i.HDFC ERGO Health Insurance (formerly Apollo Munich Health Insurance Co Ltd) is going to merge with HDFC ERGO General Insurance Co Ltd (HDFC ERGO).
Recent Related News:
On October 28, 2020 ICICI Lombard General Insurance Co. Ltd. in partnership with FreePaycard Retail Pvt.Ltd, an online pre-paid card trading platform launched Group Safeguard Insurance for the members of FreePaycard.
About NSDL Payments Bank Limited:
It is the first and largest depository in India.
Subsidiary of– National Securities Depository Ltd. (NSDL)
Commenced operations– October, 2018
Chairman– G. V. Nageswara Rao
Chief Executive Officer(CEO)– Mr. Ashutosh Singh
Licensed Under– Section 22 of the Banking Regulation Act, 1949.
HeadQuarters– Mumbai, Maharashtra
About HDFC ERGO General Insurance Company Limited:
It is a 51:49 Joint Venture(JV) between HDFC Ltd., and ERGO International AG, the primary insurance entity of Munich Re Group. It was formerly called as HDFC General Insurance Limited from Sept 14, 2016 and as L&T General Insurance Company Limited upto Sept 13, 2016
Managing Director (MD) and Chief Executive Officer (CEO)– Ritesh Kumar
Chairman– Deepak S. Parekh
Headquarters– Mumbai, Maharashtra
Incorporated– February, 2002.