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IndianMoney.com, an online platform that offers free financial advice and education, is looking to roll out a term life insurance product through its insurance broking arm IndianMoneyInsurance.com.
According to CS Sudheer, Founder, the company is in talks with two insurance players for underwriting the policy and is hopeful of rolling out the product within this month.
The product will be part of an “affinity group” cover, catering to customers who have been seeking financial advice from IndianMoney. Affinity group typically includes members who have a commonality other than employment. For instance, a group of customers taking Ola or Uber ride.
“The term life product is targeted at people who are mostly self-employed with an annual salary of ₹1-3 lakh and having no formal income proof. These are the people who need term life policy the most but they do not get a suitable cover as they are considered to be in the high risk category by insurers due to lack of access to high quality healthcare services. We wish to cover this segment of our customers,” Sudheer told BusinessLine.
The minimum sum assured will be in the range of ₹20-25 lakh and the average premium will be around 40-50 per cent higher than the normal online term insurance plans due to the profile of the customers.
“We will be the Master Policy Holder and we will offer affinity insurance for those customers who use our advisory services. They can buy policy directly from us with pre defined terms agreed with the underwriter which is the insurance company,” he said.
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