NEW DELHI, Dec. 4, 2024 /PRNewswire/ — ACKO, a leading technology-driven, digital-first insurance provider in India, has launched an innovative Term Insurance plan that caters to the needs of young Indians who prioritise long-term financial planning. This new product aims to provide affordable life insurance coverage with a focus on simplicity, transparency, and a seamless claims experience.
Increasing Demand for Life Insurance
The Indian insurance sector has witnessed a remarkable transformation in recent years. Several factors, including technological advancements, changing consumer needs, affordable and innovative products, and growing awareness about financial security, are driving this transformation. In response to this growing demand for life insurance, ACKO has introduced its first term insurance product, the ACKO Life Flexi Term Plan, with competitive pricing, making financial protection more accessible to a broader range of consumers. Additionally, premiums paid towards this plan are eligible for term insurance tax benefits under Section 80C of the Income Tax Act, offering further financial advantages to policyholders.
High-Coverage Term Insurance
ACKO’s term insurance ensures the availability of high-coverage options, such as its popular ₹1 crore term insurance plan. This policy allows young Indians to secure significant financial protection for their families, covering essentials such as mortgage payments, child education expenses, and other financial responsibilities at affordable rates.
Flexible Coverage Option
ACKO’s term insurance plan is highly flexible. Policyholders can adjust the sum assured (coverage) to match their evolving financial needs. This flexibility ensures they can easily increase or decrease their coverage whenever they want or even during significant life events such as marriage, the birth of a child, purchasing a home, and more, to stay aligned with changing circumstances. In addition to this flexibility, policyholders can enhance their protection by adding a range of riders, including the ACKO Life Accidental Death Benefit Rider, the ACKO Life Accidental Total Permanent Disability Benefit Rider, and the ACKO Life Critical Illness Benefit Rider, which covers 21 critical illnesses.
Simplified Financial Planning
Selecting the right coverage amount and policy can be daunting, especially for first-time buyers. The ACKO term insurance calculator simplifies this with personalised estimates based on age, income, lifestyle, and future financial goals. By accounting for existing financial obligations and family dependencies, the calculator helps users to identify an ideal sum assured, ensuring their families are financially protected in the event of an untimely loss.
ACKO’s commitment to enhancing the accessibility and convenience of term insurance reflects the company’s mission to help young Indians secure the financial stability of their loved ones without a lengthy and complex process.
Hassle-Free, Transparent Experience
With a focus on transparency, ACKO ensures that policyholders understand their coverage options, policy terms, and benefits from the outset. By using a direct-to-consumer model, the company removes traditional barriers to buying life insurance, such as complex paperwork and lengthy approval processes.
The digital platform also simplifies the insurance claims process, as beneficiaries can submit their claims online. This digital convenience allows users to make quick, well-informed decisions with just a few clicks via the mobile ACKO App. This hassle-free and transparent insurance experience has contributed to ACKO’s life insurance claim settlement ratio of 99.38%.
Will Creation Service
ACKO offers a will creation service for policyholders. This approach makes estate planning easy for those who want to transfer wealth to the next generation. By providing this service, the company ensures policyholders gain peace of mind, knowing they have a clear plan for the future.
About ACKO Term Insurance
ACKO Term Insurance offers reliable and cost-effective coverage to safeguard your family’s financial future. With easy online processes and swift claim settlements, ACKO ensures a hassle-free experience.
Explore customisable term insurance options at https://www.acko.com/
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