HDFC Life, a leading life insurer in India, has announced a strategic partnership with Avanse Financial Services, a non-banking financial company (NBFC) that focuses on education financing. The partnership aims to provide group credit life insurance solutions to Avanse’s educational institution loan customers, enabling them to secure their loans and protect themselves from unforeseen financial risks.
Avanse Financial Services provides financing solutions to educational institutions in India, supporting their growth and working capital requirements. By partnering with HDFC Life, Avanse’s customers will have access to innovative life insurance solutions that will provide a financial safety net and protect them from unforeseen events.
The partnership combines Avanse’s customer-first approach and expertise in education financing with HDFC Life’s innovative product suite, superior service, and robust technology platforms. HDFC Life has a consistently high claim settlement ratio of 99.68% for FY’25, which will provide assurance to Avanse’s customers.
Vibha Padalkar, Managing Director and CEO of HDFC Life, commented that the partnership aligns with the company’s goal of providing financial protection to all customers. She believes that Avanse’s expertise in the lending space and strong presence across India will strengthen HDFC Life’s reach and enable the company to take life insurance to more customers.
Amit Gainda, Managing Director and CEO of Avanse Financial Services, said that the partnership will further strengthen the financial security framework for the company’s education institution loan customers. By integrating comprehensive protection solutions into their offerings, Avanse aims to empower institutions to focus on delivering world-class learning while ensuring their financial resilience and long-term sustainability.
The partnership is expected to benefit both companies by providing a strong and compelling proposition for customers. With HDFC Life’s 25 years of experience in the industry and Avanse’s expertise in education financing, the partnership is poised to make a significant impact in the Indian education sector.