Times Internet* backed personal finance app ETMoney has launched an exclusive data-led group term insurance plan in partnership with HDFC Life. It claims this is India’s first term insurance plan that is based on the spend pattern of the users.This plan will be offered as an exclusive benefit to more than 1 million ETMoney users and will provide coverage between Rs 25 lakhs to Rs 50 lakhs, calculated based on the user’s spend pattern, the company said.
It added that ETMoney users can also save upto 30% of the premium paid as a tax benefit under section 80C of the Income Tax Act.
“Young earners in India are significantly under insured. The term plan is designed grounds up for this segment and it acts as a simple, paperless & 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 proud to work with HDFC Life to design this digital policy" said ETMoney COO Mukesh Kalra.
Times Internet said that this plan was developed with first-time insurance buyers in mind and simplifies the policy buying process by eliminating all paperwork, medical tests, income requirements and manual intervention.
“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 fingertips of the discerning new-age generation.” said HDFC Life MD & CEO Amitabh Chaudhry.
In December, ETMoney launched a new paperless tax saving solution that will enable users get done with their tax saving investments directly from their smartphones in under 2 minutes. It also introduced a new feature called ‘SmartDeposit’ that helps consumers earn upto 7-8% interest on their Savings A/c balance without much risk.
Last month, Times Internet also launched an online insurance platform called ETInsure.com that aims to help consumers buy the best insurance plan. It currently offers car and two-wheeler insurance plans from seven prominent insurance companies and plans to soon add health, life & travel insurance products to its online platform.
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