The collaboration brings affordable life insurance to over 1 lakh low-income households in nine states
Provides life cover to all the borrowers and co-borrowers of MSME Loans and Micro Loans
New Delhi, 07 February 2023: Aegon Life, Digital India’s life insurance company, has partnered with Sugmya Finance, an NBFC providing financial support to women entrepreneurs in India’s semi-urban and rural areas, to offer life insurance cover to all borrowers and co-borrowers. This partnership will empower entrepreneurs across nine regions, including Delhi, Madhya Pradesh, Uttar Pradesh, Bihar, Rajasthan, Haryana, Jharkhand, Uttarakhand, and Himachal Pradesh. The alliance is a significant step in Aegon Life’s vision to make every household financially secure by making insurance easy and accessible to all.
Aegon Life and Sugmya Finance will offer a life cover to all borrowers and co-borrowers of MSME Loans and Micro Loans. The loan can be applied for online, via an app, and also through physical branches of Sugmya.
Satishwar B., MD, and CEO of Aegon Life Insurance, said, “We are glad to announce our strategic alliance with Sugmya Finance, who has paved the way for a self-reliant Bharat through women-led development initiatives. According to a NASSCOM report, the percentage of women-led startups in India has increased from 8 percent in 2014 to 13 percent in 20191. However, a large part of this population does not have an insurance safety net. These women in India contribute to the transformation of their communities and the lives of their families through entrepreneurship, but they are still a largely uninsured segment. This ‘loan+life insurance’ offering will protect these women and their families from any financial loss or instability in case of any unfortunate incident.”
“Aegon Life and Sugmya Finance use a common set of digital operations that enables a cashless and paperless approach that makes onboarding effortless for the customer,” he added.
Vikas Singh, Director & Co-Founder of Sugmya Finance Pvt Ltd, said, “At Sugmya, we empower women entrepreneurs. Most of our customers approach us with the goal of saving money for their children’s education, taking on more financial responsibility for their families, and developing a natural sense of achievement. This collaboration with Aegon Life will further strengthen our offerings. Aegon Life’s insurance plan included in our loans will empower women, making them self-sufficient. An Atmanirbhar Bharat for India cannot exist without Atmanirbhar women.”
Aegon Life is committed to tackling the insurance difficulties faced by underserved and underpenetrated consumer segments in India.