Chennai: Canara HSBC Life Insurance Company Limited has announced a strategic bancassurance alliance with Equitas Small Finance Bank, aimed at expanding life insurance penetration and advancing financial inclusion across India.
The partnership marks a significant step toward making insurance solutions accessible to diverse customer segments nationwide.
Under this collaboration, Canara HSBC Life Insurance will distribute its comprehensive range of offerings – including life protection, savings, annuity, child plans, and investment-linked insurance products – through Equitas Small Finance Bank’s extensive network of 994 branches and 365 ATMs across 18 states and Union Territories.
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The partnership will leverage Equitas SFB’s strong footprint in key markets such as Tamil Nadu, Karnataka, Kerala, and Maharashtra.
Canara HSBC Life Insurance Equitas Small Finance Bank partnership to strengthen bancassurance reach
The partnership reflects Canara HSBC Life Insurance’s continued focus on widening access to insurance products that support long-term financial security.
By integrating its insurance portfolio with Equitas Small Finance Bank’s phygital banking model, the alliance aims to reach underserved and emerging customer segments more effectively.
Commenting on the development, Soly Thomas, Chief Distribution Officer – Bancassurance, Canara HSBC Life Insurance, stated that the collaboration is a strategic move to enhance financial inclusion and deliver life insurance solutions that are simple, transparent, and reliable.
He added that the partnership seeks to help customers plan for life’s uncertainties while reinforcing the company’s commitment to long-term financial protection.
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Murali Vaidyanathan, Senior President and Country Head – Liabilities, Wealth Management & Digital Banking at Equitas Small Finance Bank, said the alliance aligns with the bank’s mission to offer inclusive, customer-focused financial solutions.
He noted that integrating life insurance offerings into the bank’s portfolio enables customers to access holistic financial planning solutions that combine banking services with insurance protection.
By combining Equitas Small Finance Bank’s distribution strength with Canara HSBC Life Insurance’s established product suite, the partnership aims to accelerate life insurance adoption across varied demographics.
The collaboration also supports the broader industry objective of increasing insurance coverage in line with the IRDAI vision of ‘Insurance for All by 2047’.
