RenewBuy, an insurance company, has launched a new term plan called Smart Term in partnership with leading insurers LIC and ICICI Prudential. The plan is designed to address the common pain points of term insurance, such as complexity, affordability, and lack of customization options. The Smart Term plan is tailored for working professionals and small business owners, particularly those living in Tier 2-3 cities, who are often deterred by the complexities of traditional term insurance plans.
According to Indraneel Chatterjee, co-founder of RenewBuy, the company has kept the customer at the center of the product design, simplifying features and making it more affordable. The plan has a 10-year paying term, allowing policyholders to pay premiums for a chosen 10-year period and receive whole life coverage of up to Rs 1 crore. The plan also offers a “Smart Return of Premium” option, which provides a full refund of premiums under certain terms and conditions.
The Smart Term plan also comes with additional features such as accidental death benefit, critical illness cover, waiver of premium on disability, and premium holiday. RenewBuy aims to bridge the gaps in the insurance market by addressing the evolving needs of consumers. The company plans to add more products from other insurers to its platform, increasing its consumer outreach and providing more options for customers.
The launch of Smart Term is a significant development in the insurance industry, as it aims to make term insurance more accessible and affordable for a wider range of people. By partnering with leading insurers, RenewBuy is able to offer a comprehensive and customized insurance plan that meets the needs of working professionals and small business owners. With its simplified features and affordable premiums, the Smart Term plan is likely to appeal to those who have been deterred by traditional term insurance plans in the past.