HDFC ERGO has announced the collaboration with NSDL Payment Bank

This tie-up will help for the deep distribution network of NSDL Bank & the strong innovation pipeline of HDFC ERGO

November 23, 2020 (Mumbai): HDFC ERGO General Insurance Company has tied up with NSDL Payments Bank Limited to offer a range of general insurance products to the bank’s customers, a company statement said here on Monday.

 NSDL Payments Bank Limited is a subsidiary of National Securities Depository Ltd.

 The partnership aims to bring together the deep distribution network of NSDL Payments Bank and the strong innovation pipeline of HDFC ERGO to contribute towards financial inclusion in the country, the statement said.

 “We are confident that a seamless digital sales platform will provide a smooth buying experience to the bank customers. Through this partnership, HDFC ERGO is yet again enforcing our commitment of reaching out to customers and making our products available to all possible sections of the society,” said Ankur Bahorey, President – Banccasurance, HDFC ERGO General Insurance.

 Insurance penetration continues to be low in India, but the current pandemic has accelerated its need, especially of health insurance.

 Also, customers will reap the benefits of sophisticated digital capabilities offered by NSDL Payments Bank and HDFC ERGO through self-service and assisted channels, thereby creating a one-stop-shop for all banking and financial services.

 Speaking on the partnership Ashutosh Singh, CEO, NSDL Payments Bank said, “Investing in one’s health has always been important but this realization has been amplified in the last 6 months. Our association with HDFC ERGO will help us move in the direction of offering a comprehensive product portfolio for our customers highlighting the importance of holistic health and wealth plans.”

 “Also, as more than 75 per cent of our base is below the age of 30, we are excited to introduce them to right asset allocation strategies from an early age. Towards that end, our partnership with HFDC ERGO assumes a lot of significance and is an important milestone in our continued journey to offer wholesome solutions to our customers,” he added.