Home / Insurance / News /  Scripbox ties up with Max Life, Aegon Life, HDFC Life to offer term insurance

Scripbox has partnered with Max Life Insurance, Aegon Life and HDFC Life to offer term life insurance products of these leading insurers to its customers, the company said on Tuesday.

According to the company, "Scripbox will provide unbiased solutions curated specifically for the customer’s unique needs. This will be supplemented by issuance and claims process assistance as well. The addition of the new product strengthens Scripbox’s positioning as a digital wealth manager."

While life insurance has been available in India for decades, the level of protection is quite low, it said. As per a 2019 study by Swiss Re, India runs a high 83% mortality protection gap. Out of the 17% mortality coverage, life insurance contributes to a meagre 1.2%. "Additionally, perception of the protection gap is lower 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 in India have term life insurance," the company said.

Scripbox has curated the products considering factors like value-based claim settlement ratio. The life insurance calculator available on the website considers the customer’s life stage, and gives personalized solutions on the cover amount, as per a press release.

"Adding life insurance products to our service bouquet further equips us to cater to the holistic wealth management needs of our valued customers. The expansion to term life insurance will also help to serve the broader goal of increasing insurance penetration in India.", said Prateek Mehta, Co-founder & CBO of Scripbox.

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