Latest news with #ESAF
Business Standard
23-07-2025
- Business
- Business Standard
Shriram Life Insurance Partners with ESAF Small Finance Bank to Serve Underserved Markets
NewsVoir Hyderabad (Telangana) [India], July 23: Shriram Life Insurance Company (SLIC) has partnered with ESAF Small Finance Bank to expand the reach of life insurance products to the underserved segments across India. As part of the partnership, ESAF Bank will act as a corporate agent for Shriram Life, distributing its insurance offerings through ESAF's branch network. The partnership focuses on reaching first-time insurance buyers, low-income families, and rural households. ESAF Small Finance Bank received its banking licence from the Reserve Bank of India in November 2016 and started operations on March 10, 2017. As of June 30, 2025, it operates 788 branches, 713 ATMs, and 1,095 customer service centres across 24 states and two Union Territories, serving a customer base of over 5.6 million with socially responsible banking solutions. "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 fulfill the vision of 'Insurance for All'," said Casparus J.H. Kromhout, MD and CEO, Shriram Life Insurance. "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," said K. Paul Thomas, MD and CEO, ESAF Small Finance Bank. This partnership supports both companies' efforts to promote financial inclusion by offering simple, relevant, and accessible protection to those who need it most. Shriram Life Insurance is committed to serving the underserved and unserved segments of India, focusing on families that truly need financial protection. With a network of 478 branches across the country, the company offers a range of affordable products including term, endowment, ULIPs, and annuities--tailored for rural and urban middle-class customers. Shriram Life maintains an average individual policy size of Rs. 25,346 and a non-single premium ticket size of Rs. 24,112, significantly below the industry average. With over 14.4 lakh in-force policyholders and Rs. 13,207 crore in Assets Under Management, the company continues to drive financial inclusion by addressing the real needs of households earning Rs. 4-15 lakh annually, despite the inherent challenges in this segment. ESAF Small Finance Bank, which commenced operations in 2017, is dedicated to advancing social and financial inclusion in India. Staying true to its mission of serving the underserved and unserved, the Bank empowers women, micro-entrepreneurs, and rural communities through a community-centric approach that blends technology with deep local insights. ESAF's banking model is guided by the principles of People, Planet, and Prosperity, reflecting its commitment to inclusive growth and sustainable development. A share of the Bank's profits is reinvested into social initiatives that create meaningful impact across its areas of operation. Backed by a 33-year legacy rooted in its beginnings as a mission-driven NGO founded in 1992, ESAF has grown into a trusted banking partner for millions, fostering financial independence and resilience at the grassroots level.
Fashion Value Chain
23-07-2025
- Business
- Fashion Value Chain
Shriram Life Insurance Partners with ESAF Small Finance Bank to Serve Underserved Markets
Shriram Life Insurance Company (SLIC) has partnered with ESAF Small Finance Bank to expand the reach of life insurance products to the underserved segments across India. As part of the partnership, ESAF Bank will act as a corporate agent for Shriram Life, distributing its insurance offerings through ESAF's branch network. The partnership focuses on reaching first-time insurance buyers, low-income families, and rural households. (On the Left) K. Paul Thomas, MD and CEO, ESAF Small Finance Bank and (on the right) Casparus J.H. Kromhout, MD and CEO, Shriram Life Insurance ESAF Small Finance Bank received its banking licence from the Reserve Bank of India in November 2016 and started operations on March 10, 2017. As of June 30, 2025, it operates 788 branches, 713 ATMs, and 1,095 customer service centres across 24 states and two Union Territories, serving a customer base of over 5.6 million with socially responsible banking solutions. '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 fulfill the vision of 'Insurance for All',' said Casparus J.H. Kromhout, MD and CEO, Shriram Life Insurance. '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,' said K. Paul Thomas, MD and CEO, ESAF Small Finance Bank. This partnership supports both companies' efforts to promote financial inclusion by offering simple, relevant, and accessible protection to those who need it most. About Shriram Life Insurance Company Shriram Life Insurance is committed to serving the underserved and unserved segments of India, focusing on families that truly need financial protection. With a network of 478 branches across the country, the company offers a range of affordable products including term, endowment, ULIPs, and annuities-tailored for rural and urban middle-class customers. Shriram Life maintains an average individual policy size of Rs. 25,346 and a non-single premium ticket size of Rs. 24,112, significantly below the industry average. With over 14.4 lakh in-force policyholders and Rs. 13,207 crore in Assets Under Management, the company continues to drive financial inclusion by addressing the real needs of households earning Rs. 4-15 lakh annually, despite the inherent challenges in this segment. About ESAF ESAF Small Finance Bank, which commenced operations in 2017, is dedicated to advancing social and financial inclusion in India. Staying true to its mission of serving the underserved and unserved, the Bank empowers women, micro-entrepreneurs, and rural communities through a community-centric approach that blends technology with deep local insights. ESAF's banking model is guided by the principles of People, Planet, and Prosperity, reflecting its commitment to inclusive growth and sustainable development. A share of the Bank's profits is reinvested into social initiatives that create meaningful impact across its areas of operation. Backed by a 33-year legacy rooted in its beginnings as a mission-driven NGO founded in 1992, ESAF has grown into a trusted banking partner for millions, fostering financial independence and resilience at the grassroots level.
News18
22-07-2025
- Business
- News18
Shriram Life, ESAF Bank tie up to bring insurance to underserved communities
Last Updated: Chennai, Jul 22 (PTI) Shriram Life Insurance partnered with ESAF Small Finance Bank to expand the reach of its life insurance products to underserved communities across India, a top official said. Under the tie-up, ESAF Small Finance Bank will act as a corporate agent, distributing Shriram Life's insurance offerings through its extensive branch network. The partnership aims to reach first-time insurance buyers, low-income families, and rural households, Shriram Life Insurance said in a press release on Tuesday. As of June 30, 2025, ESAF operates 788 branches and 1,095 customer service centres across 24 states and two union territories, serving over 5.6 million customers. Shriram Life Insurance MD and CEO Casparus J H Kromhout said, 'Our mission has always been to serve the underserved by making insurance simple, affordable, and accessible. We believe protection shouldn't be a privilege, but a basic financial right for every Indian household, regardless of where they live or what they earn. That's what makes this partnership so meaningful." 'With ESAF's strong local presence and our shared commitment, we can move closer to the goal of 'Insurance for All'," he added. ESAF Small Finance Bank MD and CEO K Paul Thomas said, 'This partnership strengthens our mission of serving the underserved by providing essential insurance solutions that promote financial security and resilience. Together, we are committed to building a more inclusive and empowered future for our communities". PTI VIJ SSK VIJ SSK ADB First Published: July 22, 2025, 19:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
16-07-2025
- Time of India
Cops recover 39L out of 40L robbed sum
Kozhikode: In a significant breakthrough in the case of robbing Rs 40 lakh from a bank employee at Pantheerankavu near Kozhikode, police have recovered Rs 39 lakh of the swindled amount. Tired of too many ads? go ad free now The money, part of the amount robbed by accused Shibin Lal, was found packed in plastic and buried in a plot about half-a-kilometre from his house at Pallipuram near Pantheerankavu. The robbery took place on June 11 and Shibin Lal was arrested three days later. At the time of the arrest, only Rs 55,000 was recovered and Shibin Lal claimed to have handed over ₹45,000 to a third accused, Dinaranju alias Kuttappi. The second accused, Shibin Lal's wife Krishnalekha, and Kuttappi were arrested on June 23. Shibin Lal and Krishnalekha misled officials at ESAF Bank by claiming that they had gold worth Rs 40 lakh pledged at a private firm. They produced fake receipts and convinced the bank to give them Rs 40 lakh in cash to take over the pledged gold and mortgage at ESAF bank. The bank staff came to Pantheerankavu with the required cash to reclaim the pledged gold from the firm where he had pledged it. As the bank staff stepped out of the car, Shibin Lal snatched the cash from them and fled on a scooter parked nearby. Though Shibin Lal was interrogated twice after the incident, he consistently withheld the location of the remaining Rs 39 lakh. It was only during a third custodial interrogation that he confessed and revealed the location where he had buried the money. Police said shortly after the robbery that Shibin Lal switched off all three of his mobile phones. He set aside Rs 1 lakh for his expenses and secretly buried the remaining Rs 39 lakh in a private property, before escaping to Palakkad. Tired of too many ads? go ad free now Feroke ACP A M Siddique said the breakthrough came following a tip-off that someone had approached a private financial institution on Shibin Lal's behalf, asking whether a Rs 35 lakh one-time settlement could be made in lieu of an outstanding ₹80 lakh loan. Another lead came from CCTV footage in Kondotti area which showed Shibin Lal travelling without the bag. After that Shibin Lal was questioned again during which he revealed the actual location.
Time of India
15-07-2025
- Time of India
Pantheerankavu robbery: Cops recover Rs 39 lakh out of Rs 40 lakh robbed sum
Kozhikode: In a significant breakthrough in the case of robbing Rs 40 lakh from a bank employee at Pantheerankavu near Kozhikode, police have recovered Rs 39 lakh of the swindled amount. The money, part of the amount robbed by accused Shibin Lal, was found packed in plastic and buried in a plot about half-a-kilometre from his house at Pallipuram near Pantheerankavu. The robbery took place on June 11 and Shibin Lal was arrested three days later. At the time of the arrest, only Rs 55,000 was recovered and Shibin Lal claimed to have handed over ₹45,000 to a third accused, Dinaranju alias Kuttappi. The second accused, Shibin Lal's wife Krishnalekha, and Kuttappi were arrested on June 23. Shibin Lal and Krishnalekha misled officials at ESAF Bank by claiming that they had gold worth Rs 40 lakh pledged at a private firm. They produced fake receipts and convinced the bank to give them Rs 40 lakh in cash to take over the pledged gold and mortgage at ESAF bank. The bank staff came to Pantheerankavu with the required cash to reclaim the pledged gold from the firm where he had pledged it. As the bank staff stepped out of the car, Shibin Lal snatched the cash from them and fled on a scooter parked nearby. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 4BHK+Family Lounge+Utility room at 4.49Cr (All Incl)* ATS Triumph, Gurgaon Book Now Undo Though Shibin Lal was interrogated twice after the incident, he consistently withheld the location of the remaining Rs 39 lakh. It was only during a third custodial interrogation that he confessed and revealed the location where he had buried the money. Police said shortly after the robbery that Shibin Lal switched off all three of his mobile phones. He set aside Rs 1 lakh for his expenses and secretly buried the remaining Rs 39 lakh in a private property, before escaping to Palakkad. Feroke ACP A M Siddique said the breakthrough came following a tip-off that someone had approached a private financial institution on Shibin Lal's behalf, asking whether a Rs 35 lakh one-time settlement could be made in lieu of an outstanding ₹80 lakh loan. Another lead came from CCTV footage in Kondotti area which showed Shibin Lal travelling without the bag. After that Shibin Lal was questioned again during which he revealed the actual location.
