Aegon Life, a leading digital life insurance company, has partnered with Ahalia Finforex, a Kerala-based diversified financial services firm, to provide life insurance access to the unorganised and unserved segments residing in tier-2, tier-3, and tier-4 towns.

The move is a significant step towards its vision to make every household financially secure, a press release said.

The exclusive partnership between Aegon Life and Ahalia Finforex provides insurance coverage to over five lakhAhalia customers via the insurer’s Group Credit Life product. It allows borrowers to access loans without putting an undue financial burden on their dependents.

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Moreover, in the event of the borrower’s death, Aegon Life protects their family from loan repayment with the insurance cover covering the loan amount. Customers can avail of this product with a one-time affordable premium, making it easily accessible.

Satishwar Balakrishnan, MD, and CEO of Aegon Life, said, “Through this partnership, Ahalia’s customers in Kerala can access financial protection when taking a loan, ensuring that the borrower’s demise does not bankrupt the entire household.”

‘Need innovative solutions’

N Bhuvanendran, Managing Director of Ahalia Finforex, said, “Across our 60+ branches in Kerala, we see an inflow of customers who are not fully aware of the need for insurance and the protection such products offer to the unorganised sector. With this partnership, we will cater to the unserved populace in small towns, helping them access insurance cover against the loans, which could weigh on them in the untimely demise of the borrower. We believe there is a real need for such innovative solutions.”

Aegon Life has successfully onboarded partners like Flipkart, Paytm, Mobikwik and others. It plans to onboard 100 distribution partners in 2022.

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