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Term insurance, often viewed as complex due to its myriad of options and detailed features, can overwhelm consumers trying to determine the right coverage amount and policy duration.
ReNew Buy says the Smart Term Plan is specifically developed to address common pain points such as ease of access and affordability.
RenewBuy, a leading online insurance platform in India, on January 9 said it has launched its new product, the RenewBuy Smart Term Plan, aimed at demystifying term insurance for Indian consumers. This marks the third proprietary product under RB Proprietary, designed with simplified features, tailored options, and multiple benefits to cater to the modern insurance needs.
Term insurance, often viewed as complex due to its myriad of options and detailed features, can overwhelm consumers trying to determine the right coverage amount and policy duration.
RenewBuy in a statement said its Smart Term Plan addresses these challenges by offering a more accessible and affordable solution, particularly targeting working professionals and small business owners.
Tailored Insurance for Today’s Needs
RenewBuy in the statement said the Smart Term Plan is specifically developed to address common pain points such as ease of access and affordability. It features customizable options that make it suitable for today’s diverse consumer base, especially those in underserved regions. RenewBuy utilizes its extensive online distribution network to enable insurance agents to offer this cost-effective term plan nationwide.
Strategic Partnerships for Wider Reach
During the initial phase of the launch, RenewBuy has partnered with three of the country’s leading insurance companies: LIC, ICICI Prudential, and Digit Life. “Our RB Proprietary product line has been launched with the vision of bridging gaps and addressing the evolving insurance needs of today’s consumers,” said Indraneel Chatterjee, co-founder of RenewBuy. He highlighted that the complexities of product options and the fear of potential financial loss from long-term premiums without benefits have been significant barriers for consumers.
Innovative Features and Benefits
The Smart Term Plan introduces several innovative features:
10 Years Pay: This option allows policyholders to pay premiums for only ten years while securing life coverage up to the age of 80 and beyond, with sums assured ranging from Rs 50 lakhs to Rs 1 crore.
Smart Return of Premium: Policyholders can opt for a full refund of premiums paid if they decide to withdraw during the policy term.
Enhanced Protection: The plan includes additional benefits like Accidental Death Benefit, Critical Illness Benefit, and Waiver of Premium on Disability.
The premium for the Smart Term Plan starts at Rs 2,500 per month, making it an affordable choice for many, particularly those in Tier 2-3 cities aged between 35-40 years, who often juggle significant family responsibilities, RenewBuy said in the statement.
Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, RenewBuy is a InsurTech company that has provided insurance solutions to over 5.5 million customers through a robust network of more than 1.25 lakh insurance advisors across over 1,500 cities, towns, and districts in India, according to the statement.
