HDFC Life and Peerless Financial Products Distribution Ltd. (PFPDL) Enter into a Corporate Agency Tie-Up
Apr 25, 2024
BusinessWire India
Mumbai (Maharashtra) [India], April 25: HDFC Life, one of India's leading insurers, and Peerless Financial Products Distribution Ltd. (PFPDL) have entered into a corporate agency tie-up. This partnership would enable PFPDL to distribute life insurance products of HDFC Life to its customers.
PFPDL is a subsidiary of the Peerless General Finance & Investment Co. Ltd (PGFI), one of India's oldest and biggest NBFCs in East India. PFPDL has 40 branches with a broad customer base across 42 locations.
Through this tie-up, PFPDL would offer financial protection to its customers. The Company provides both digital and physical platforms to customers thereby enabling them to choose their preferred mode of service.
Life insurance penetration in India is extremely low in comparison to the global markets. There is a strong need for the working population to secure the future for themselves and their families. HDFC Life offers a wide range of products that meet the life-stage needs of individuals, providing a financial safety net while enabling them to fulfill their long-term financial goals. The Company constantly endeavours to enhance the reach of life insurance through strategic partnerships. This tie-up with Peerless is a step towards further strengthening HDFC Life's presence in the eastern part of the country.
In FY 2024, HDFC Life has secured more than 66 million lives with an overall claim settlement ratio of 99.7%.
Speaking about the new association, Satyaki Bhattacharya- Managing Director & CEO, Peerless Financial Products Distribution Ltd said, "We are delighted to collaborate with HDFC Life in our endeavour to secure families financially. Peerless group's customer centric approach for the last 92 years synergized with the reputed brand of HDFC life will help in creating a strong distribution network in Tier 2 and beyond cities providing innovative need-based life insurance solutions and technology backed simplified user experience to customers."
Speaking on the launch, Suresh Badami - Deputy Managing Director, HDFC Life said, "We are happy to announce our partnership with Peerless Financial Products Distribution Ltd. This is another step towards achieving India's vision of 'Insurance for All' by 2047. We hope to leverage our distribution strength and take our insurance solutions to their entire customer base and add value to the partnership."
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