Acko Enters Life Insurance Space With Launch Of Acko Flexi Term Plan

Acko Enters Life Insurance Space With Launch Of Acko Flexi Term Plan

SUMMARY

With this launch, the company aims to become a one-stop destination for all protection needs

The plan provides comprehensive coverage, offering customers financial protection throughout their lives, it said in a statement

As per the company, the plan offers flexible coverage, allowing policyholders to adjust the amount as financial responsibilities change

Just over two months after foraying into the automotive sector, insurtech unicorn Acko Tech has rolled out Acko flexi term life insurance plan to offer flexible coverage, allowing policyholders to adjust the amount as financial responsibilities change.

With this launch, the company aims to become a one-stop destination for all protection needs. The plan provides comprehensive coverage, offering customers financial protection throughout their lives, it said in a statement.

As per the company, the plan provides the option to modify the policy duration to fit life goals, whether for short-term or long-term protection. 

Besides, it will provide flexibility by allowing customers to switch between different payout options at any time during the policy. Policyholders can select from a lump sum, monthly instalments, or an annuity, tailoring their payouts to meet their changing financial needs, even during the claims process.

Varun Dua, founder, Acko, said in a statement, “We wanted customers to look at life insurance not as a means of investment, but as pure-play protection for them and their families. Our focus going forward will continue to be on pure-protection related products such as the term life product that we have launched recently.”

Founded in 2016 by Varun Dua and Ruchi Deepak, Acko offers insurance for vehicles, health and travel. It counts the likes of General Atlantic, Multiples Private Equity, Lightspeed, and Intact Ventures among its investors. Last year, it also launched an insurance plan for batteries of electric vehicles (EVs). 

This comes months after Acko bought digital chronic care management company OneCare to build a comprehensive healthcare ecosystem.

The company claims to have distributed insurance policies to over 78 Mn unique customers and issued more than 1 Bn policies to date. 

Acko has raised over $450 Mn in total funding from investors, including Amazon, General Atlantic and Multiples Private Equity. In FY23, the startup reported a net loss of INR 738.5 Cr, up 53% year-on-year, while its operating revenue grew 32% to INR 1,758.6 Cr.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Acko Enters Life Insurance Space With Launch Of Acko Flexi Term Plan-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Acko Enters Life Insurance Space With Launch Of Acko Flexi Term Plan-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Acko Enters Life Insurance Space With Launch Of Acko Flexi Term Plan-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Acko Enters Life Insurance Space With Launch Of Acko Flexi Term Plan-Inc42 Media
Acko Enters Life Insurance Space With Launch Of Acko Flexi Term Plan-Inc42 Media
You’re in Good company