Acko enters the life insurance space with the launch of its new “ACKO Life Flexi Term Plan,” and “the company is focused on investing close to Rs. 1,000 crore in its life insurance business in the next 5 years,” said Varun Dua.
The company currently offers health, car, bike, electronics, and travel insurance under its general insurance business, It also launched an insurance program for electric vehicle (EV) batteries last year.
Acko was launched in 2016 by Varun Dua and Ruchi Deepak. The company focuses on D2C insurance in India with the right to choose the best insurance plan for its customers at the best price, at the click of a button with zero paperwork.
What is the ACKO Life Flexi Term Plan?
ACKO Life Flexi Term Plan is a highly flexible term insurance, that comes with plenty of benefits and serves customers’ unique needs.
Here is a list of some features:
Optional Riders: Customers have the option to add additional riders to enhance the coverage of the ACKO term plan, You can add the ACKO Life critical illness benefit rider, ACKO life accidental total permanent disability benefit rider, and ACKO life accident death benefit rider, adding these riders increases benefit, but comes with little extra cost.
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Payout options: Customers can control how the settlement will be paid to their nominee, monthly or as a one-time full payment.
Flexi benefit: Customers will have the option to customise the coverage throughout the policy period. Throughout the policy period, customers can manage nominee details, and choose payout options.
Sum assured: Customers can increase or decrease the amount the family will receive after their death, they can increase the amount once a year and can decrease it after 5 years of policy tenure( and can adjust every year after that)
Will creation: With ACKO life insurance, customers have the option to generate a digital will and can make changes to ensure a detailed allocation of assets.
Flexi benefit: Customers will have the option to customise the coverage throughout the policy period. Throughout the policy period, customers can manage nominee details, and choose payout options.
Eligibility: You should be at least 18 years of age to buy term insurance, maximum age is 70 years.
Some factors that can affect your premium for your term insurance are your Age, Health status, Lifestyle choices, rider benefit, Gender, etc.
In the future, the company intends to introduce pension or retirement offerings. By offering the “ACKO Life Flexi Term Plan” term insurance, the company has reaffirmed its dedication to meeting customers’ future protection requirements in a flexible manner.
