HDFC ERGO Launches “Business Kisht Suraksha” to Protect MFIs & Financial Institutions against Calamities & Natural Disasters
- HDFC ERGO General Insurance has launched a product called “Business Kisht Suraksha”, to provide a unique cover to MFIs, financial institutions and banks in the event of a catastrophe or natural disaster.
- The Business Kisht Suraksha aims to protect the balance sheet of financial institutions due to non-payment of EMIs by borrowers, following listed calamities such as floods, earthquakes, cyclones, etc.
- The new product will address these concern by indemnifying against the climatic changes and also protecting financial institutions from rising NPAs occurring.
- Business Kisht can be customised as per the needs of an individual MFI or financial institution.
- The product can also be tailor-made depending on the geographical presence of the borrower, MFI or any financial institution according to the perils/climatic conditions that the location is prone to.