Life Secured, Locally Delivered—Vakrangee and Ageas Federal Tie the Financial Knot

Image Source: The Hindu Business Line

Vakrangee Limited (BSE: 511431) entered a strategic distribution partnership with Ageas Federal Life Insurance Company, India's fastest-growing private life insurer. The partnership aims at expanding access to life insurance coverage in India, especially in rural and distant regions, through Vakrangee's vast physical distribution network.

1. Partnership Highlights

Ageas Federal will sell its whole portfolio of life insurance products from Vakrangee's 22,986 Vakrangee Kendras in 32 states, 609 districts, and 5,835 postal codes.
The partnership is intended to bridge the protection gap for insurance and deliver financial inclusion in line with national development agendas.
Term plans, savings products, and child and retirement products will be made available to customers through assisted digital routes.

2. Strategic Significance

Vakrangee Kendras are last-mile centres offering banking, insurance, e-governance, and e-commerce services.
The deal strengthens Vakrangee's role as an integrated platform for financial services, as well as in enabling Ageas Federal to increase its rural and semi-urban reach.
The move is also in line with India's overall push towards inclusive financial services and digital empowerment.

Sources: Business Standard