2 min read.Updated: 06 Sep 2021, 09:08 PM ISTShipra Singh
The tool uses a comprehensive but short survey to assess the current financial situation and future financial needs of a consumer, basis which it throws up recommendations on the right amount of term cover one needs to buy
Beshak, a consumer awareness and research platform for insurance, has launched a term insurance cover calculation and plan discovery tool titled TruMatch. The tool uses a comprehensive but short survey to assess the current financial situation and future financial needs of a consumer, basis which it throws up recommendations on the right amount of term cover one needs to buy along with suggestions on the insurance plans that best match a consumer’s requirements.
The TruMatch calculator asks for details about the consumer’s income, investments, loans, near future liabilities and dependent’s spending budget to derive at the right amount of cover needed.
What sets it apart from calculators provided by other online insurance aggregators, such as Policybazaar and Coverfox, is that if a consumer’s current financial situation doesn’t demand a term cover, the final report tells the consumer to not buy a term insurance plan at all.
“In a scenario where the consumer keys in high income and significant assets along with zero liabilities, the final report will tell the consumer that they don’t need a term insurance," said Mahavir Chopra, co-founder and CEO, Beshak.
Similarly, the TruMatch tool gives a nudge to the consumer to not buy a term plan if she selects ‘no dependents’ option while filling the survey.
“The idea is to inform the consumer that just because you’re getting a lower premium and you re able to lock it in at an early age shouldn’t be the sole reason for you to buy a term plan. It should actually be something that your family needs."
Apart from suggesting cover amount, TruMatch’s report also recommends the claim payout option a customer should pick after examining how financial savvy her dependents are. It also tells whether or not one needs additional riders and benefits on top of their plain vanilla term plan.
Beshak was founded by Chopra, who has over 20 years of experience in the insurance industry, in March 2020 as an independent research platform for individual policyholders. Chopra claimed Beshak doesn’t have tie-ups with any insurers, which ensures there is no manipulation or bias in term plan recommendations, and doesn’t sell insurance plans through the TruMatch tool,
“TruMatch is 100% neutral, and we have no alliance with any insurer. Typically, as you’re a distributor, a big challenge that you face is how will insurers react to the way in which you rate the insurance plans. With no tie-ups, we are completely focused on solving the customer problems," Chopra said.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!