Bangalore, Feb 27: SK Finance Limited, one of India’s leading Non-Banking Financial Companies (NBFCs), today announced a strategic partnership with ICICI Prudential Life Insurance Company Limited. This collaboration will offer group credit protection insurance solutions to customers of SK Finance, enabling them with the necessary financial protection.
SK Finance with its strong presence across rural and semi-urban geographies, will offer customer centric credit life insurance solutions to over 9.3 lakh customers and enable them to provide financial security to their families.
This alliance will encourage responsible borrowing and provide better financial protection, especially in underserved communities by offering simple and seamless loan insurance. Credit life products equip customers to better manage risk and ensure the family’s financial plan is not disrupted.
Commenting on the collaboration, Mr. Upendra Prabhu, Chief of Distribution – Credit Life & Protection, ICICI Prudential Life Insurance Company Limited said,
“We are happy to partner with SK Finance, a leading NBFC in the country. Distribution is key to enhancing penetration and achieving the ‘Insurance for All’ objective. This collaboration aligns with our Company’s focus on improving accessibility to life insurance while supporting customers’ long-term financial protection needs.
Both organisations have been built on the ethos of customer centricity and aim to deliver greater value to customers. Importantly, a credit life product ensures that, in case of an eventuality, customers leave behind an asset for their families and not a liability in the form of an outstanding loan.”
On the strategic partnership, Mr. Yash Setia, Whole Time Director, SK Finance Limited, commented,
“Our mission extends beyond providing credit. We aim to make our customers financially resilient and protect their families from financial disruption as well as loan liabilities. A significant milestone in that direction, this partnership with ICICI Prudential Life Insurance aligns with our broader vision under our insurance vertical, SK Bima, to deliver integrated credit and risk protection solutions for Naya Bharat.”
The collaboration reflects the shared commitment of both organisations to simplify life insurance and promote long-term financial wellbeing for its customers.
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