ETMONEY, the Times Internet backed financial services app, today announced the launch of an exclusive data-led group term insurance plan in partnership with HDFC Life, one of Indiaâ€™s leading private life insurance companies. This is Indiaâ€™s first term insurance plan which is based on the spend pattern of the users.
Offered as an exclusive benefit to ETMoneyâ€™s 1Â million+Â users, the group term life insurance plan offers coverageÂ between Rs.Â 25 lacs to Rs. 50 lacs that is calculated based on theÂ userâ€™s spend pattern. Secondly, ETMoney users can also saveÂ upto 30% of the premium paid as a tax benefit under section 80C of the Income Tax Act.Â With first-time insurance buyers in mind, this planÂ simplifiesÂ the policy buying process by eliminating all paperwork, medical tests, income requirements and manual intervention that is common in a regular insurance policy. The easy workflow within the app makes it possible to buy a plan in less than two minutes.
Mr. Mukesh Kalra, COO of ETMoney, further added, â€œYoung earners in India are significantlyÂ under insured. 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.Â Partnering with an Industry leader like HDFC Life substantiatesÂ our data-led, mobile-first approach and we are proud to work with HDFC Life to design this digitalÂ policy”
Commenting on the partnership, Mr. Amitabh Chaudhry, MD & CEO of HDFC Life said, â€œIn 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. Weâ€™re proud to say that our association with ET Money will enable us to reach out to the millennial customer through oneâ€™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.â€
ETMoney app is available for free onÂ Android playstore.