BusinessWire India
Mumbai (Maharashtra) [India], August 29: HDFC Life, one of India's leading life insurers, has announced a strategic collaboration with Avanse Financial Services, a leading education-focused non-banking financial company (NBFC) that would enable Avanse's educational institution loan customers to secure their loans through group credit life insurance solutions from HDFC Life.
Avanse Financial Services is an education-focused NBFC on a mission to make education financing seamless and affordable for every deserving Indian student. Its educational institution loan solutions finance the growth and working capital requirements of educational institutes in India. HDFC Life, with an array of innovative life insurance solutions designed to meet the ever-evolving needs of customers, enables individuals and groups to secure the future for themselves and their families.
Avanse Financial Services' customer-first approach with a focus on strengthening the education infrastructure of the country, combined with HDFC Life's innovative product suite, superior service, robust tech-led platforms, and consistently high claim settlement ratio (99.68%* for FY'25), together create a strong and compelling proposition for customers. This partnership aims to protect institutions from unforeseen financial exigencies and embed life insurance as an integral part of their financial foundation, enabling them to focus on their larger goal of quality education.
Speaking on the partnership, Vibha Padalkar - Managing Director & CEO, HDFC Life, commented, "At HDFC Life, we have a singular focus - financial security of our customers. With this objective, we endeavour to build strong, long-lasting partnerships. We are pleased to announce that our association with Avanse Financial Services will further give an impetus to our goal of financial protection for all by offering a financial safety net to educational institutions that contribute significantly towards shaping the future of students across the country. We believe their expertise in the lending space and strong presence across India would further strengthen our reach, thus enabling us to take life insurance to their customers."
Commenting on the partnership, Amit Gainda, Managing Director & CEO, Avanse Financial Services, said, "At Avanse Financial Services, we endeavour to make education financing accessible and affordable for every student and accelerate the growth of the Indian education delivery system. Our partnership with HDFC Life aligns with our customer-first approach and will further strengthen the financial security framework for our education institution loan customers. By integrating comprehensive protection solutions into our offerings, we aim to empower institutions to focus on delivering world-class learning while we ensure their financial resilience and long-term sustainability."
Having received the license in 2000, HDFC Life is now in its 25th year and continues to deliver value to all stakeholders. In FY'25, the company secured over 50 million lives.
*Death claim settlement ratio for individual life policies
Media Contact Details
Lopah Mudra Bhattacharrya, HDFC Life, Lopahmudrab@hdfclife.com ; Koeli Dutta, Avanse Financial Services, koeli.dutta@avanse.com ; Rashmi Kotian, Avanse Financial Services, mediarelations@avanse.com, +91-8879330544
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