Distributive policy

Fino Payments Bank partners with Go Digit for store insurance policy

Fino Payments Bank has announced a partnership with Go Digit General Insurance to offer store insurance to small and medium businesses. Fino Payments Bank is associated with Go Digit as a corporate agent and it already offers group car and health insurance in association with Digit Insurance.

Digit’s My Business policy will cover loss or damage to inventory or stock due to burglary, earthquake, fire, lightning, storm, flooding, riots, among other factors. The policy will also include built-in covers such as cash in safe, cash in transit, etc. The policy will be valid for one year. According to the press release, Fino Payments Bank customers will be able to purchase the policy for an annual premium of 550 (for an insured sum of 3 lakh), which will go up to 2,600 (for an insured capital of 15 million). Registration can be done through a paperless process according to the press release.

“Digit’s My Business policy (store insurance policy) advances our already existing association with Digit Insurance and is a step in the right direction to provide financial security to small business owners through our extensive distribution network. Both companies’ technology platforms will make purchasing insurance as well as filing and settling claims a seamless experience for our customers,” said Major Ashish Ahuja, Chief Operating Officer, Fino Payments Bank.

According to Nalini Venkat, Head of Institutional Affairs, Digit Insurance, Fino Payment Bank’s extensive rural distribution network will give them the opportunity to bring their insurance offerings to under-penetrated markets.

Fino Payments Bank has nearly 4.6 million customers, and small and medium-sized businesses make up a significant portion of that. The bank is a subsidiary of Fino Paytech which is backed by renowned investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC among others.

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