Paul Merchants Partners with Care Health Insurance

CHANDIGARH, India, Feb. 1, 2023 /PRNewswire/ -- Paul Merchants, a fast-growing NBFC based in Chandigarh, has partnered with Care Health Insurance to provide their customers with various health insurance products. PML Gold Plus Programme which provides group health cover to customers along with the gold loan was successfully launched a month ago.

"At Paul Merchants, we serve customers from semi-urban to rural India by providing them with affordable Gold Loans to meet their basic financial needs. We are pleased to collaborate with Care Health Insurance, to offer our customers comprehensive healthcare and wellness solutions. Our Insurance products will help, to alleviate the financial burden of unexpected hospitalisation or medical emergencies. Care Health Insurance has done exceptionally well with customers and has gained good traction in the very first month of our partnership," said Mr Rajneesh Bansal, Managing Director of Paul Merchants.

Customers availing a Gold Loan from Paul Merchants will be offered 'The PML Gold plus programme' under which they will avail group health insurance coverage. Customers up to the age of 65 years can opt for a sum insured of Rs.1 lakh with Personal Accident Cover, Hospital Cash, and fixed benefit covers that will take care of the EMI.

"We are tremendously thrilled to collude with Paul Merchants and are looking forward in providing our customised and comprehensive healthcare solutions to their huge and diverse customer base," said Mr Ajay Shah, Director & Head of Retail, Care Health Insurance.

The partnership is developing a number of insurance products in addition to the Gold Loan product for Paul Merchants' various business segments. 

Being a licenced IRDAI corporate Paul Merchants will offer numerous other insurance products to customers. They will deal with all types of insurance like term insurance, travel insurance, and vehicle insurance. With their 150+ branches under the brand 'CoverPay,' in collaboration with insurance companies, they intend to INSURE their customers hassle-free.

Expressing his views on the occasion Mr Shaibu Cherain, CEO of Paul Merchants said, "We are constantly looking for new, creative ideas to provide our customers with customised solutions. Soon, we will have a few integrated solutions that will be delivered through our digital delivery channels. In order to introduce and provide a variety of insurance solutions, we have pleasingly joined hands with Care Health Insurance. This collaboration will definitely increase our influence in the insurance industry.

The official launch of the partnership was held in Chandigarh. Present at the occasion were:

• Mr Rajneesh Bansal, Managing Director Paul Merchants.
• Mr Ashutosh Shrotriya, Product & Business Process Head, Care Health Insurance.
• Mr Shaibu Cherian, CEO Paul Merchants Finance. 
• Mr Ritesh Vaid, Director Paul Merchants.
• Mr Malay Bose, Manager Strategic Alliance Care Health Insurance.
• Mr Digvijay Singh, Business head, Paul Merchants Finance.
• Mr Rahul Sangwan, AVP- Insurance Sales.

About Paul Merchants

The 30-year-old BSE-listed company Paul Merchants Ltd launched Paul Merchants Finance in the year 2010 and owns a 100 per cent stake in it. 

In a relatively short amount of time, Paul Merchants Finance has solidified its position in Northern India. Under the NBFC licence granted by the Reserve Bank of India, the company offers quick and simple gold loans and is sparking a revolution in India by enabling individuals and small businesses to pursue their dreams with their broad range of financial services. In recent years, their business has expanded significantly. 

A one-stop destination for all financial services is now available thanks to the company's diversification of its products and services. Money transfers, prepaid cards, and the sale of insurance are only a few of many significant goods.

About Care Health Insurance

Care Health Insurance is a specialised health insurer that provides products in the retail market of health insurance, top-up coverage, personal accident, maternity, international travel insurance, and critical illness. Additionally, they provide group health insurance, group personal accident insurance for businesses, microinsurance products in the rural markets, along with a full range of wellness services. The company has constantly invested in the effective use of technology to achieve excellence in customer servicing, product innovation, and value-for-money services. The company bases its operating philosophy on the fundamental premise of "consumer-centricity."

At the Insurance Alert Awards, 2021, Care Health Insurance won awards for being "Best Health Insurance Product" and "Best Health Insurance Agents." Also at the FICCI Healthcare Excellence Awards, they were awarded the "Best Medical/Health Insurance Product".

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