RevFin, a digital lending start-up, has joined hands with PNB MetLife India Insurance Company Limited (PNB MetLife) to offer protection to the customers via life insurance on their loans. This partnership supports financial inclusion by securing the families of the borrowers against loan repayment burden in case of unfortunate demise of the borrower during the loan term.
RevFin customers who opted for a loan to purchase an electric three-wheeler can take benefit of this tie-up, and cover their remaining loan amount during the loan period. In a bid to facilitate the hassle-free process, RevFin customers can also apply for this life insurance product digitally without any extra paperwork, and at an affordable premium.
RevFin launched this product offer in September 2019 and since then, over 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 provided digitally through RevFin’s app (iOS and Android), so there is no need for any additional paperwork. Once the insurance underwriting is completed, the insurance document is sent to the customer via email.
Sameer Aggarwal, CEO, RevFin said, “We are very excited to offer thislife 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 said, “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 unbanked population of India and drive greater financial inclusion.”
Revfin further plans to bring in many such products/initiatives to help build inclusiveness.