- ICICI Prudential Life Insurance and SK Finance announce partnership for credit life insurance
- Credit protection solutions to reach over 9.3 lakh SK Finance customers
Hyderabad: ICICI Prudential SK Finance Partnership aims to expand credit life insurance solutions for borrowers and improve financial protection for their families. SK Finance Limited, one of India’s leading Non Banking Financial Companies, announced a strategic partnership with ICICI Prudential Life Insurance Company Limited to offer group credit protection insurance solutions to its customers.
The partnership will allow SK Finance to provide customer centric credit life insurance products to its large borrower base. More than 9.3 lakh customers of SK Finance will gain access to these solutions. As a result, they will be able to secure financial protection for their families in case of unforeseen events.
SK Finance has a strong presence across rural and semi urban geographies. Therefore, the collaboration is expected to strengthen the distribution network of ICICI Prudential Life Insurance. At the same time, the partnership will help expand the reach of credit life insurance solutions to communities that often have limited access to such financial protection products.
The collaboration also aims to promote responsible borrowing practices. Credit life products help borrowers manage financial risk. They ensure that the family’s financial plan does not face disruption if an unexpected situation arises. Moreover, such insurance ensures that customers leave behind an asset for their families rather than a liability in the form of an outstanding loan.
Commenting on the collaboration, Mr. Upendra Prabhu, Chief of Distribution Credit Life and Protection at 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.”
Meanwhile, Mr. Yash Setia, Whole Time Director of SK Finance Limited, highlighted the broader goal behind the alliance. He said, “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 partnership reflects the shared commitment of both organisations to simplify life insurance access. It also aims to support long term financial wellbeing for customers, especially in rural and semi urban regions.
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