Scripbox will provide solutions for the customer’s needs. It will complement the issuance and claims process assistance as well.
Life insurance is one of the fundamental pillars of sound financial planning. While life insurance has been available in India for decades, the level of protection is quite low.
According to a 2019 study by Swiss Re, India has a high 83% margin of mortality protection. Out of 17% death coverage, life insurance contributes only 1.2%. Additionally, the assumption of the safety gap is less than the actual gap. This means that most Indians are grossly underinsured when you consider the rising cost of living, lifestyle needs, assets/liabilities etc. According to industry estimates, only 55 lakh individuals have life insurance in India.
From now on, term life insurance will be a part of Scripbox’s flagship offerings. Keeping in mind the often overlooked factors like value-based claim settlement ratio, the company has designed a set of term life insurance products.
“By adding life insurance products to our service bouquet, we have been able to meet the overall asset management needs of our clients,” said Prateek Mehta, Co-Founder and CBO, Scripbox.
He further added, “The expansion of term life insurance will also help in meeting the broader goal of increasing insurance penetration in India.”