RenewBuy, India’s leading online insurance platform, today announced the launch of its third proprietary product, RenewBuy Smart Term Plan under RB Proprietary, in partnership with LIC, ICICI Prudential and Digit Insurance.
Term insurance, while crucial for financial security, can be overwhelming for many Indians due to the complexities associated with traditional policies.To address this, RenewBuy has launched its third proprietary product, RenewBuy Smart Term Plan, specifically designed for those who need term plans but often find them complex and struggle to decide.
Smart Term is a tailored term insurance plan, catering to the needs and demands of today’s consumers. Especially designed for working professionals and small business owners, the plan addresses common pain points with ease of access, affordability, simplified features and customised options. It has the potential to redefine the term insurance category, as RenewBuy’s extensive online distribution network will enable its insurance agents to offer this affordable term plan nationwide, with a sharp focus on the underserved regions.
Speaking on this, Indraneel Chatterjee, Co-Founder, RenewBuy said, “Our RB Proprietary product line has been launched with the vision of bridging gaps and addressing the evolving insurance needs of today’s consumers. Term plans often address a wide range of consumer cohorts with various features and options. Product complexity remains a key concern for many and is also perceived as potential financial loss due to very long-term premiums and lack of exit option if policyholder survives the policy term. We have kept the customer at the centre and addressed these key areas on complexity, affordability and duration.
“In the first phase, we have partnered with three leading insurance companies- LIC, ICICI Prudential & Digit Life for a larger consumer outreach and will be soon adding more products from other insurers,” he further added.
RenewBuy’s Smart Term has been introduced addressing the two key pain points of today’s consumers, especially the ones residing in Tier 2-3 cities (between 35-40 years). These consumers often face significant family responsibilities. It thus comes with a “10 Years Pay” policy, allowing consumers to pay premiums for a chosen 10-year period and receive whole life coverage of ₹50 lakhs and ₹1 crore (depending on the policy), upto 80 years and above.
Smart Term proposition also offers ‘Smart Return of Premium’ option, allowing policyholders to receive full refund on premium paid, if they choose to withdraw the total premium amount during the policy term. The premium for Smart Term Plan starts at ₹2500 (per month), offering a sum assured of ₹50 lakhs to ₹1 crore. The product comes with additional features of Accidental Death Benefit, Critical Illness Benefit, Waiver of Premium on Disability, Premium Holiday and Smart Exit with select insurers.
About RenewBuy
Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, RenewBuy is a disruptive InsurTech player providing choice and convenience to customers buying Health, Life and Motor Insurance products, delivered through a trusted network of insurance advisors. The company has more than 1.25 lakh plus insurance advisors and has insured more than 5.5 million customers across 1500+ cities, towns and districts. Using technology as an enabler, the company has created differentiation in consumer experience and service, as well as in the geographical expansion of the sector.
For more information, visit: https://www.renewbuy.com/
