The Group Term Insurance plan will be available on the ET Money app and will be based on the spend pattern of the users
HDFC Life, one of India’s leading private life insurance companies, today announced the launch of an exclusive data-led group term insurance plan in partnership with ET Money, the Times Internet backed financial services app. This is India’s first term insurance plan based on the spend pattern of the users.
Offered as an ET Money benefit, the group term life insurance plan can be availed exclusively by 1millionusers of the ET MONEY app. They can get a group term life insurance coverage that ranges anywhere from Rs 25 lakhs to Rs 50 lakhs and it will be based on spend pattern of the user. Additionally, they can also save anywhere between 10% to 30% (based on their tax bracket) of the premium paid as per section 80C of the IT act. The entire policy process, right from calculating the spend pattern to signing up for the policy, is conducted in the ET Money app and takes less than two minutes, with no requirement of manual intervention, paperwork or medical tests.
Commenting on the partnership, Mr. Amitabh Chaudhry, MD & CEO of HDFC Life said, “In keeping with our endeavour to be a digital first organization, we have undertaken multiple initiatives and harnessed various innovations to transform the way we do business through digitization and achieve customer delight. We’re proud to say that our association with ET Money will enable us to reach out to the millennial customer through one’s most preferred medium in a paperless, self-help environment with privacy and convenience. This financial planning management app brings insurance at the finger-tips of the discerning new-age generation.”
Mr. Mukesh Kalra, COO of ETMoney, further added, “Young earners in India are still not insured at all. The term plan is designed grounds up for this segment and it acts as a simple, paperless & cost effective way to start their insurance journey. Partnering with an industry leader like HDFC Life substantiates our data-led, mobile-first approach and we are excited to work with them closely“