Private sector non-life insurance company ICICI Lombard General Insurance has entered into a strategic engagement with Hyderabad-based peer-to-peer lending platform AnyTimeLoan.in (ATL) to provide insurance cover for its borrowers. The insurance aims to de-risk exposure of borrowers arising from uncertainties such as accidents, critical illness, death, disability and loss of job, among others.
AS part of this agreement, customers of ATL can avail ICICI Lombard’s Group Secure Mind and Group Personal Accident insurance. This will cover all types of loans facilitated on ATL, with minimum policy term of one year to a maximum of three years. The insurance cover will be provided on a complimentary basis for one year and during this period, ATL will absorb this cost on behalf of the beneficiaries.
“We are delighted to engage with AnyTimeLoan.in and provide their customers with our diverse range of non-life insurance solutions. The association with AnyTimeLoan.in is a step forward in our endeavor to partner with innovative platforms to increase our reach and offer unique benefits to the customers of our business associates,” Sanjeev Mantri, Executive Director, ICICI Lombard said.
AnyTimeLoan.in, which is also a part of Hyderabad’s startup engine T-Hub, facilitates instant loans (across India) for amounts of as small as Rs 1000 to Rs 10 lakh for a minimum period of 1 day to maximum 3 years. It evaluates the borrower’s eligibility using its proprietary algorithms, assessing them digitally and facilitating loans with average disbursal time of 4 minutes.
“Delinquencies at AnyTimeLoan.in have been less than 0.7%, but there are certain external and unforeseen events such as accident, loss of job due to winding up of operations, etc. which we intend to circumvent or insulate our borrowers with this policy underwritten by ICICI Lombard,” Keerthi Kumar Jain, Founder & CEO, AnyTimeLoan.in said in a statement.
AnyTimeLoan also secured a Non-Banking Financial Company (NBFC) Peer-to-Peer (P2P) license from Reserve Bank of India last year.