Mumbai: PaisaDukan.com, a peer-to-peer (P2P) lending platform, today announced that the company has entered into an exclusive partnership with Bharti AXA General Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, to offer loan protection and personal accident insurance solutions to all its customers.
This is the first-of-its-kind alliance by a P2P lending partner – PaisaDukan which handles the servicing of a loan on behalf of matched borrowers and lenders, with Bharti AXA General Insurance. The association between PaisaDukan and Bharti AXA General Insurance will provide all customers an option to insure their loans processed through this lending platform for any unforeseen contingencies of the borrowers as well as secure investors by indemnifying their loan transaction.
Commenting on the association, Mr. Rajiv Ranjan, Founder and CMD, PaisaDukan.com, said, “It gives us immense pleasure to be associated with leading insurance company Bharti AXA General Insurance. We are confident that this association will definitely benefit all the parties involved. We have an added advantage to be one of the first movers in this sector who currently have this offering in place. We hope that the collaboration with Bharti AXA will give PaisaDukan.com an edge in the market.”
“We are happy to join hands with one of the fastest growing P2P money lending platforms, PaisaDukan, in our growth journey. It is our endeavor to continuously make our insurance offerings more widely available to consumers from all sections of the society. We have offered insurance solutions in the NBFC sector and have customized our offerings for a NBFC-P2P, PaisaDukan. We are hopeful that the alliance will benefit and protect both lenders and borrowers against uncertainties,’’ said Mr. Sanjeev Srinivasan, Managing Director and Chief Executive Officer, Bharti AXA General Insurance.
The partnership provides the customer with Convalescence Benefit that protects his EMI in case of hospitalization and Personal Accident benefit which covers accidental death, permanent total disability and permanent partial disablement.
Personal Accident benefit also includes child education cover, providing assistance of 10 per cent of the Sum Insured maximum up to Rs. 50,000 per child.
Mr. Ranjan said the benefits can be extrapolated and customized according to requirements covering the entire tenure of minimum one year to maximum three years as well as loan amount ranging from Rs 1 lakh to Rs 5 lakh.
PaisaDukan provides peer-to-peer loans by connecting borrowers and lenders while Bharti AXA General Insurance offers insurance solutions for motor, health and critical illness, property and students, individual and family travel.