Shriram Life Insurance Company (SLIC) has entered a strategic partnership with ESAF Small Finance Bank to broaden the reach of life insurance products across underserved communities in India.
Under this agreement, ESAF Small Finance Bank will act as a corporate agent for Shriram Life Insurance, distributing its range of insurance offerings through ESAF’s extensive branch network. The initiative is aimed at improving access to insurance for first-time buyers, low-income households, and rural families, with a shared vision of enhancing financial protection for vulnerable segments of society.
ESAF Small Finance Bank, which obtained its banking licence from the Reserve Bank of India in November 2016 and commenced operations in March 2017, has since expanded rapidly. As of June 30, 2025, the bank operates 788 branches, 713 ATMs, and 1,095 customer service centres spread across 24 states and two Union Territories. It currently serves over 5.6 million customers, offering banking solutions that prioritize social responsibility and inclusion.
Commenting on the partnership, Casparus J.H. Kromhout, Managing Director and CEO, Shriram Life Insurance, emphasized the company’s commitment to financial inclusion.
“At Shriram Life, our mission has always been to serve the underserved by making insurance simple, affordable, and truly within reach. We believe protection should not be a privilege, but a basic financial right for every Indian household—no matter where they live or what they earn. That’s why this partnership matters. With ESAF’s strong local presence and our shared commitment, together we can help fulfil the vision of ‘Insurance for All,” he said.
K. Paul Thomas, Managing Director and CEO, ESAF Small Finance Bank, echoed similar sentiments.
“This partnership strengthens our mission of serving the underserved by providing essential insurance solutions that promote financial security and resilience. Together, we’re committed to building a more inclusive and empowered future for our communities,” he stated.
The collaboration is a step forward in both institutions’ broader efforts to promote financial inclusion by delivering simple, relevant, and accessible insurance solutions to those who need them the most. It also reflects a growing trend in India’s financial ecosystem, where banks and insurance providers are joining forces to bridge the protection gap in the country.
The partnership between Shriram Life and ESAF Bank stands as a testament to the power of collaboration in driving meaningful change. By leveraging each other’s strengths—Shriram Life’s affordable insurance products and ESAF’s deep-rooted community presence—the two institutions aim to extend the safety net of financial protection to those who have traditionally been excluded from formal financial services.
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