RenewBuy, India’s leading online insurance platform, has unveiled its third proprietary product, the RenewBuy Smart Term Plan, under the RB Proprietary line. This innovative term insurance solution aims to simplify the often-complex nature of term insurance and make it accessible for Indian consumers.
Designed with working professionals and small business owners in mind, the Smart Term Plan addresses common challenges such as affordability, ease of access, and simplified features. The plan offers tailored coverage with premium options starting at just ₹2,500 per month, ensuring a sum assured of ₹50 lakhs to ₹1 crore.
Key Features of RenewBuy Smart Term Plan:
- 10 Years Pay Policy: Consumers pay premiums for a 10-year period while receiving whole life coverage up to 80 years and beyond.
- Smart Return of Premium Option: Policyholders can receive a full refund of premiums paid if they opt to withdraw during the policy term.
- Additional Benefits: Includes Accidental Death Benefit, Critical Illness Benefit, Waiver of Premium on Disability, Premium Holiday, and Smart Exit with select insurers.
RenewBuy has partnered with three leading insurers—LIC, ICICI Prudential, and Digit Life—in the product’s first phase, with plans to expand partnerships further. This enables RenewBuy’s extensive online distribution network to offer the plan across the country, focusing on underserved Tier 2 and Tier 3 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 wide range of consumer cohorts with various features and options. Product complexity remains a key concern for many and are 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.
The RenewBuy Smart Term Plan has the potential to redefine the term insurance landscape, providing tailored solutions for Indian consumers while addressing critical pain points in the market.
