Vakrangee Partners with Shriram Life to Boost Rural Insurance Access

31 Dec 2024 , 08:58 PM

Vakrangee has tied up with Shriram Life Insurance to expand its portfolio and distribute insurance products through its network of outlets. Vakrangee’s shares closed at ₹34 on December 31, 2024, which is a 1.27% dip from the previous close. The stock has gained a total of 78% in the last one year, and 48% in the last six months.

Shriram Life Insurance is an affordable financial protection entity for rural and Tier-3/4 areas co-promoted by South Africa’s Sanlam Group and India’s Shriram Group. As of September 2024, Shriram Life manages assets of ₹12,310 crore and has sold more than 4.4 lakh individual policies in FY24.

The company features in the list of top 10 insurers of individual policies and is a Top 5 player in rural India Vakrangee aims at enhancing financial inclusion and last-mile delivery of high-quality insurance products. This was well highlighted by its Managing Director, Vedant Nandwana.

Vakrangee Kendras, exclusive branded outlets, will offer services ranging from banking, insurance, e-commerce, e-governance, ATMs, and healthcare. About 83% of the Vakrangee Kendra outlets are located in Tier-4 to Tier-6 locations and ensure that all financial services can be accessed through these outlets, even in very remote areas.

Vakrangee will also expand its portfolio by adding new products and partners to become an all-inclusive one-stop-shop for banking and insurance needs.