UIICL Partners with SIDBI to Distribute Insurance Products for MSMEs

Current Context: On April 16, 2025, United India Insurance Company Ltd (UIICL) entered into a strategic partnership with the Small Industries Development Bank of India (SIDBI) to expand insurance coverage for MSMEs (Micro, Small, and Medium Enterprises) in India.\

Through this collaboration, UIICL aims to provide comprehensive insurance solutions, including home, health, motor, fire, and engineering insurance, tailored to the unique needs of MSMEs.
SIDBI, with its extensive presence through 123 branches across the country, will facilitate the distribution of these insurance products.
The initiative seeks to address financial risks faced by MSMEs, enhance their economic resilience, and contribute to the broader goal of increasing insurance penetration in India.
Additionally, UIICL will analyze specific requirements of MSMEs and offer customized policies to protect their business assets and operations.

Question:

Q.1 On April 16, 2025, United India Insurance Company Ltd (UIICL) entered into a strategic partnership with which financial institution to expand insurance coverage for MSMEs in India?
a) NABARD
b) SIDBI
c) RBI
d) SEBI

Answer: b) SIDBI (Small Industries Development Bank of India) partnered with UIICL to enhance insurance coverage for MSMEs.