HDFC Life unveiled an exclusive data-led group term insurance plan, in alliance with ET Money yesterday. ET Money is a popular financial services app backed by Times Internet.
HDFC Life mentioned that the newly introduced insurance policy will be based on the spend pattern of the policyholder, the first of its kind in the country. Amitabh Chaudhry, MD and CEO of HDFC Life, said, “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 mediums in a paperless, self-help environment with privacy and convenience. This financial planning management app brings insurance at the fingertips of the discerning new-age generation.”
The life insurance plan will be offered under the ET Money application as a benefit. Henceforth, it can be availed by 1 million users of the app. The new life insurance policy can be configured based on the spend pattern of the user, and the coverage offered is between Rs.25 lakh and Rs.50 lakh.
Mukesh Kalra, COO of ET Money stated that the new term plan is targeted at the young earners in the country, as they are currently not insured. The policy offers a simple, cost-effective, and paperless way to begin the insurance journey of the millennial customer. He also mentioned that the partnership between ET Money and an industry leader such as HDFC Life reinforces their mobile-first, data-led approach.