HDFC Life 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 the country’s first term insurance plan based on the spend pattern of the users, the private insurer said in a release.
“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,” said HDFC Life Managing Director and CEO Amitabh Chaudhry.
Offered as an ET Money benefit, the group term life insurance plan can be availed exclusively by 1 million users of the ET MONEY app. One can get a group term life insurance coverage that ranges anywhere from Rs 25-50 lakh and it will be based on spend pattern of the user, the statement 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 and 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,” ETMoney COO Mukesh Kalra added.