ICICI Prudential Life, SK Finance partner to offer group credit protection insurance solutions

Alliance to extend loan protection cover to over 9.3 lakh customers across rural and semi-urban India

Mumbai: ICICI Prudential Life Insurance Company Limited and SK Finance Limited on Monday announced a strategic partnership to offer group credit protection insurance solutions to customers of the non-banking financial company, expanding financial security coverage across rural and semi-urban India.

The collaboration will enable more than 9.3 lakh customers of SK Finance to access credit life insurance products designed to protect families from financial liabilities in the event of unforeseen circumstances. The initiative aims to strengthen responsible borrowing practices while ensuring that loan obligations do not become a burden for families.

SK Finance, which has a strong presence in rural and semi-urban regions through a network of over 700 branches across 12 states and two union territories, will distribute the insurance solutions as part of its financial services offering.

Upendra Prabhu, chief of distribution – credit life and protection at ICICI Prudential Life Insurance, said the partnership would help expand insurance penetration and improve accessibility in underserved markets.

“Distribution is key to enhancing penetration and achieving the ‘Insurance for All’ objective. This collaboration aligns with our focus on improving accessibility to life insurance while supporting customers’ long-term financial protection needs,” Prabhu said.

Yash Setia, whole-time director at SK Finance, said the partnership supports the company’s broader vision of strengthening financial resilience among borrowers.

“Our mission extends beyond providing credit. We aim to make our customers financially resilient and protect their families from financial disruption as well as loan liabilities,” Setia said, adding that the initiative aligns with the company’s insurance vertical, SK Bima, which focuses on integrated credit and risk protection solutions.

SK Finance is a 31-year-old NBFC offering asset-backed lending products including commercial vehicle, car, tractor and secured business loans. ICICI Prudential Life Insurance, promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited, is among India’s leading private sector life insurers with an asset base of ₹3.31 lakh crore as of December 2025.