Current Affairs - Business - Discussion

A private sector non-life insurance company in India ICICI Lombard has entered into a strategic partnership with Hyderabad based peer-to-peer lending platform AnyTimeLoan.in (ATL) to provide insurance cover for its lenders and borrowers. ICICI Lombard will offer Group Secure Mind and Group Personal Accident policies to the customers of ATL which will cover the borrowers of all types of loans on the platform with policy term of 1 to 3 years. There will be insurance cover for the lenders which will come with free premium for the first year on a complimentary basis. On behalf of the beneficiaries ATL will absorb this cost. The partnership with reduce the risk of exposure of its lenders and borrowers which are arising from uncertainties such as accidents, death, disability, critical illness, loss of job among others.