Partners with Bajaj Allianz General Insurance to launch Gold Jewellery Insurance
Thiruvananthapuram, NFAPost: Muthoot Finance, India’s largest gold loan NBFC, has tied up with Bajaj Allianz General Insurance, India’s leading private general insurer to provide insurance on gold jewellery as part of their new initiative – “Muthoot Gold Shield”, which is backed and powered by Group Affinity All Risk policy of Bajaj Allianz General Insurance.
Muthoot Gold Shield is the Gold Jewellery Insurance Scheme launched by Muthoot Finance, for its customers in partnership with Bajaj Allianz General Insurance.
The policy provides insurance coverage of gold jewellery for individuals. This is designed to provide insurance coverage of gold jewellery articles for customers of the company at the time of closure of gold loan and release of gold ornaments. It will provide insurance coverage to the customers of Muthoot Finance as a loyalty product.
Commenting on the company’s new initiative, Muthoot Finance Managing Director George Alexander Muthoot said Muthoot Finance as a company has always believed in the philosophy of helping people and giving back to society.
“Going by the initial overwhelming response received for this insurance policy, it has been widely accepted by the customers of the Company. As part of our ongoing customer loyalty programme and social commitment, we are providing customers insurance coverage with an objective to build confidence and help move ahead in life without any fear,” said Muthoot Finance Managing Director George Alexander Muthoot.
Speaking on the occasion, Bajaj Allianz General Insurance MD & CEO Tapan Singhel said Bajaj Allianz General Insurance has always been trying to offer products to ensure that citizens are safeguarded against exigencies.
“Gold jewellery is an integral part of our country’s culture and hence we have curated this product specifically for financially shielding customers of Muthoot Finance in case of any unforeseen events, thus making them worry-free about their jewellery,” said Bajaj Allianz General Insurance MD & CEO Tapan Singhel.
The Scheme has the following unique benefits which are exclusive to this Insurance Policy:
1. It is one of the simplest and easiest ways of obtaining gold jewellery insurance coverage
2. Policy covers burglary, robbery, theft from insured person’s home, loss-in-transit and 13 other disasters (natural calamities)
3. This is a standalone gold jewellery insurance offering
4. Companies typically provide gold jewellery insurance as part of home insurance along with insurance of other articles at home. Normally, the percentage of insurance coverage for gold jewellery is restricted by some insurance companies to a maximum of 15% of the total home insurance policy sum insured. For instance, if an individual wants to take a jewellery insurance coverage of 1.50 Lakhs from other insurance companies, he/ she will have to take a home insurance policy of about Rs. 10 Lakhs.
5. Muthoot Gold Shield is provided at a nominal premium, which is lower than industry average
6. ZERO documentation is required and it takes less than 2 minutes to generate a policy
Muthoot Finance is the flagship company of The Muthoot Group which has 20 diversified business divisions. With 5000+ branches, the Group serves over 2.5 lakh customers every day. Muthoot Finance is India’s largest gold loan NBFC and India’s No.1 Most Trusted Financial Services Brand, according to the Brand Trusted Report.
It is a reputed ‘Systemically Important Non-deposit taking NBFC’. As part of the core business, Muthoot Finance provides loans secured against household gold jewellery at highly affordable rates and amazing product features.
Globally, the Group has presence across, USA, UK, UAE, Costa Rica, Nepal and Sri Lanka. In the recently announced financial results for FY21 Q2, Muthoot Finance posted a record Net Profit of Rs. 1,735 cr (a 25% growth over Q2FY20) The Consolidated Assets under Management (AUM) grew by 29% for the same period and stood at Rs. 52,286 Crores.
Bajaj Allianz General Insurance is India’s leading private general insurance company. Bajaj Allianz is a joint venture between Bajaj Finserv Limited, India’s most diversified non-bank financial institution, and Allianz SE, the world’s leading insurer and largest asset manager.
Bajaj Allianz General Insurance offers general insurance products such as motor insurance, home insurance, health insurance as well as other unique insurance plans such as wedding insurance, event insurance, and film insurance. The Company began its operations in 2001 and has been constantly expanding its operations to be close to their customers. Today, it has a pan-India presence in close to 1500 towns and cities.