ACKO Enters Life Insurance Market with Innovative Flexi Term Plan Offering Flexibility and Affordability

NEW DELHI, Dec. 2, 2024 /PRNewswire/ -- ACKO, a leading technology-driven insurance company in India, has launched its first Life Insurance product, the ACKO Life Flexi Term Plan. The new product offers flexible coverage options designed for long-term financial protection. Policyholders will also be able to manage the entire policy lifecycle digitally, streamlining the process of managing their insurance.

India's Insurance Sector

India's insurance sector has shown remarkable growth, with the Gross Written Premium (GWP) increasing at a CAGR of 11% from 2020 to 2023. This growth aligns with the vision of the Insurance Regulatory and Development Authority of India (IRDAI), which aims for 'Insurance for All by 2047'. The initiative encourages insurance providers to develop affordable, innovative products that improve accessibility.

Amidst this evolving landscape, ACKO has expanded its offerings into the life insurance sector. The company focuses on providing a customer-centric approach and technology-driven solutions to meet the growing and diverse needs of Indian consumers in the rapidly changing insurance market.

Key Features of ACKO Life Flexi Term Plans

The ACKO Life Flexi Term Plan offers customisable coverage for young professionals, tech-savvy consumers, and families seeking accessible and tailored life insurance solutions. With a streamlined claims process and tax benefits under Section 80C, this plan ensures both convenience and financial protection for today's digital-driven society.

Flexible Coverage

ACKO Life Flexi Term Plan policyholders can adjust coverage to match their financial needs. This Term Insurance Plan allows consumers to customise their coverage depending on life milestones like marriage, homeownership, and childbirth by enabling them to change the guaranteed sum.

The ACKO Life Flexi Term Plan offers additional coverage through optional riders that enhance the policy, such as the Accidental Death Benefit Rider, which provides extra coverage in case of accidental death. The Accidental Total Permanent Disability Benefit Rider offers a lump sum if permanently disabled due to an accident. The Critical Illness Benefit Rider pays a lump sum for critical illness diagnoses to cover medical costs.

Tailored Payouts

ACKO distinguishes itself by providing many ways to get the sum assured. Policyholders can choose a lump sum amount or monthly payments. They can ensure that families never face financial strain in the future.

Affordable Premium

ACKO offers competitive premiums for its ACKO Life Flexi Term Plan, ensuring affordability without sacrificing coverage. By using a direct-to-consumer model, the company reduces costs and passes the savings on to policyholders. This allows consumers to access robust protection at a lower price, with the flexibility to adjust coverage as needed. Policyholders can use the term insurance calculator to balance cost-effectiveness and comprehensive security.

Will Creation Service

ACKO provides significant value to policyholders by helping them ensure their assets are distributed according to their wishes. This service provides peace of mind, allowing individuals to plan for the future and safeguard their family's financial security. By integrating this service with their life insurance plans, ACKO offers a holistic solution that combines financial protection with effective estate planning, simplifying the process for policyholders.

With a Claim Settlement Ratio of 99.38%, ACKO Life Insurance simplifies the process of purchasing and claiming term insurance benefits through its user-friendly digital platform, removing traditional barriers for customers.

About ACKO Term Insurance

ACKO Life Insurance offers reliable and cost-effective coverage to safeguard your family's financial future. With extensive coverage options, easy online processes, and swift claim settlements, ACKO ensures a hassle-free experience. Explore customisable term insurance options at https://www.acko.com/.