The Acko Flexi Term Plan Marks Acko's Entry into the Life Insurance Market

Nitin Konde, Apoorva Bajj

Sep 10, 2024 — 2 min read

The Acko Flexi Term Plan Marks Acko's Entry into the Life Insurance Market

Acko Tech, an insurtech unicorn, has launched the Acko flexi term life insurance plan, which provides policyholders with the ability to vary the amount of coverage when their financial responsibilities change. This comes after the company made its debut in the automotive industry.

By launching this product, the company intends to become a one-stop shop for all of the protection needs that customers may have. A statement issued by the company stated that the plan offers customers comprehensive coverage, which provides them with financial safety throughout their entire lifetimes.

In accordance with the firm, the plan offers the possibility of modifying the period of the policy to accommodate one's life goals, whether those goals are for short-term or long-term protection.

Giving Options of Lump Sum, Monthly Instalments, or an Annuity

By opting to Acko's service clients will have the opportunity to change payout methods at any point throughout the policy, which adds flexibility. Policyholders have the ability to adapt their payouts to match their changing financial circumstances, even while the claims procedure is in progress, by selecting from a lump sum, monthly instalments, or an annuity depending on their preference.

As stated in a release, the creator of Acko, Varun Dua, expressed the company's desire for clients to view life insurance not as a method of investment but rather as a form of security that is solely for themselves and their families. As we move forward, the company will continue to place its primary emphasis on products that are related to pure protection, such as the term life product that we have just recently introduced.

Acko is an insurance company that deals with travel, health, and automobile insurance. It was established in 2016 by Varun Dua and Ruchi Deepak. Among its investors are companies such as General Atlantic, Multiples Private Equity, Lightspeed, and Intact Ventures, among others. An insurance plan for the batteries of electric cars (EVs) was also introduced by the company in the previous year.

For the purpose of constructing an all-encompassing healthcare ecosystem, Acko purchased the digital chronic care management startup OneCare many months ago.

Acko’s Progress Card

The organisation asserts that it has provided insurance plans to more than 78 million distinct consumers and has issued more than one billion policies through the present day.

The entire amount of money that Acko has received from investors is about $450 million. These investors include Amazon, General Atlantic, and Multiples Private Equity. The company reported a net loss of INR 738.5 crore in FY23, which is an increase of 53% compared to the previous year. On the other hand, its operating revenue increased by 32% to INR 1,758.6 crore.