Bharti AXA Life, Fincare SFB join hands for bancassurance partnership

Bharti Axa Life and Fincare Small Finance Bank have joined hands for a bancassurance partnership under which the bank will sell insurance policies to its customers.

Under the partnership, Bharti AXA Life Insurance will offer its comprehensive suite of life insurance products, including protection, savings and investment plans, to the customers of Fincare Small Finance Bank across its 747 branches and digital network presence across the country.

This alliance will make life insurance solutions reachable to over 26.5 lakhs customers of Fincare Small Finance Bank and provide financial security to them, according to a joint release issued on Wednesday.

Parag Raja, Managing Director and Chief Executive Officer of Bharti AXA Life Insurance, said Fincare SFB is a growing name in the domestic banking sector.

"Our alliance shall empower the bank's customers with protection and holistic insurance solutions and help us strengthen our commitment to reaching out to all strata of population. We believe this partnership will enrich our distribution footprint and help us increase insurance penetration in the country," he said.

The new age Fincare Small Finance Bank, which started operations in July 2017, has presence across 19 states/UTs.

"Our association will enable us to offer need-based financial protection products suitable to a large segment of the population who are ignorant about the benefits of life insurance. The alliance is a part of the various measures being taken by us towards the process of financial inclusion," Rajeev Yadav, Managing Director and Chief Executive Officer of Fincare Small Finance Bank, said.