Customers who have taken a loan to buy electric three-wheelers will have the entire outstanding amount covered for the term of the loan.
New Delhi:RevFin, India's leading digital lending startup, has partnered with PNB MetLife India Insurance Company Limited (PNB MetLife), one of the top 10 life insurance companies in India (Source: CRISIL), to provide protection to the customers through life cover on their loans. This partnership supports financial inclusion by securing families of the borrowers against loan repayment burden, in the event of the unfortunate demise of the borrower during the loan term.
RevFin customers who have taken a loan to buy an electric three-wheeler can take advantage of this tie-up, and cover their outstanding loan amount during the loan tenure. To facilitate the hassle-free process, RevFin customers can apply for this life insurance product digitally without any additional paperwork, and at an affordable premium.
RevFin started this product offer in September 2019 and since then, more than 500 customers have already taken the life insurance plan. This insurance covers loans that are upto Rs. Three lakhs for a term of three years. The product is offered digitally through RevFin's app (available on iOS and Android). Once the insurance underwriting is done, the insurance document is sent to the customer via email.
On this tie-up, RevFin's CEO, Sameer Aggarwal, said, “We are very excited to offer this life 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 can avail this cover and protect their families with just a few taps on their phone. At PNB MetLife, our focus has been to penetrate the uninsured customer segment and this 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.
RevFin is a financial technology (Fintech) start-up that is aimed at building the world’s most advanced digital platform. The platform will be used to underwrite and manage consumer loans through our own NBFC. Through the unique approach to underwriting, rich value proposition, and a differentiated distribution model, RevFin plan to build a lending book of Rs.3000Cr in the next 5 years, with ROE of 20%+. Their vision is to create a lending platform that is agnostic of language, literacy, geography, and culture. Once the platform has been proven successful, they will use it to rapidly scale the lending book in India while leveraging the platform in other geographies. RevFin Services Private Limited (RevFin) is a privately owned digital lender based in New Delhi.
RevFin’s Media Contact:
Ambuj Singh - +91 8826669262 | firstname.lastname@example.org
Sneha Bharti - +91 7838730738 | email@example.com
About PNB MetLife
PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders.
PNB MetLife’s Media Contact:
Sailee Nayak - +91 9930167115 | firstname.lastname@example.org
Shilpi Bose - +91 9867653389 | email@example.com