FundsIndia.com has enteres the insurance distribution business as a corporate agent by launching portal MeraSuraksha.com.
The corporate agency license allows the company to sell policies of three insurers. For now it has tied up with ICICI Prudential Life Insurance Co. Ltd.
The company has started selling term insurance products and plans to offer general insurance policies too once the Covid-led lockdown eases and normal business activities resume.
Online retail investment platform FundsIndia.com has entered insurance distribution business by launching portal MeraSuraksha.com. Through its corporate agency license, the company has started selling term insurance products and plans to offer general insurance policies too once the Covid-led lockdown eases and normal business activities resume. A corporate agency license allows the company to sell policies of three insurance companies in the same line of business.
The platform will provide end-to-end process of comparing and purchasing insurance policies for both FundsIndia investors as well as new customers. However, for existing customers of FundsIndia who’ve completed the central know your customer (cKYC) process, purchasing insurance policies from MeraSuraksha.com would mean less paperwork, as they can bypass the KYC process.
For now the platform has partnered with ICICI Prudential Life Insurance to provide their iProtect Smart product and will soon add more products.
“We will be offering term plans followed by general insurance policies such as auto and home insurance. Once the travel industry picks up, we will try and add that category as well. Other retail products such as sachet and disease-specific plans, which come up on the way will also be offered," said Girirajan Murugan, chief executive officer, FundsIndia.com. "We've taken care of the investment needs of our customers through FundsIndia, we now want to take care of their insurance needs as well."