ETMONEY joins forces with HDFC Life to bring India’s first data-led life insurance policy for millennials

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 India’s leading private life insurance companies. This is India’s first term insurance plan which is based on the spend pattern of the users.

Offered as an exclusive benefit to ETMoney’s 1 million+ users, the group term life insurance plan offers coverage between Rs. 25 lacs to Rs. 50 lacs that is calculated based on the user’s spend pattern. Secondly, ETMoney users can also save upto 30% of the premium paid as a tax benefit under section 80C of the Income Tax Act. With first-time insurance buyers in mind, this plan simplifies 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, “Young earners in India are significantly 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. Partnering with an Industry leader like HDFC Life substantiates our data-led, mobile-first approach and we are proud to work with HDFC Life to design this digital policy”

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.”

ETMoney app is available for free on Android playstore.