Life Insurance
ACKO Life Insurance
ACKO Life is the life insurance subsidiary of ACKO, a digital-first insurance brand founded by Varun Dua. The ACKO group is backed by global institutional investors, including General Atlantic, Multiples Private Equity, Canada Pension Plan Investment Board, Lightspeed, Intact Ventures, and Munich Re Ventures. The company received IRDAI registration in 2023 and currently focuses mainly on protection-first products such as term insurance. Note: Since ACKO Life is a relatively new insurer, it lacks sufficient publicly available data on key indicators, such as the claim settlement ratio. At this stage, it is difficult to put these metrics into concrete numbers
| Annual Business | ₹63.64 cr (FY 24-25) |
| Claims Settled | NA |
| Claims settled within 30 days | NA |
Term Insurance offered by ACKO Life Insurance
Flexi Term Plan
It is a non-linked, non-participating, pure term insurance plan in which your nominee receives the payout if you pass away during the policy term, provided the policy is active. ACKO Life Flexi term plan does not offer any maturity or survival benefit if you outlive the policy. Its key highlight is flexibility, as you can increase or decrease the sum assured in ₹25 lakh increments, subject to policy conditions, underwriting, and premium payment.
Inbuilt Benefits Under the Policy:
- Flexi Benefit::
You can increase or decrease your life cover during the policy term. A decrease is allowed only after the first five years’ premiums have been paid.
- Policy Term Change::
You can increase the policy term and premium payment term, subject to underwriting and policy conditions. However, the policy cannot continue beyond age 70.
- Death Benefit Payout Options::
Your nominee can receive the death benefit as a lump sum, a monthly payout, an increasing monthly payout, or a mix of lump sum and monthly payout.
- Will Creation Service::
Policyholders also receive a will-creation service that can help them document how their assets should be passed on, but it should not replace proper legal advice when needed.
Riders You Can Select With This Plan:
- ACKO Life Accidental Death Benefit Rider::
This rider pays an additional amount if the life insured dies due to an accident.
- ACKO Life Accidental Total Permanent Disability Benefit Rider::
It pays a lump sum if the life insured suffers a qualifying accidental total permanent disability and waives all future premiums.
- ACKO Life Critical Illness Benefit Rider::
This rider covers 21 listed critical illnesses, after a 90-day initial waiting period, and once the insured person survives for 30 days after diagnosis. If the claim is admitted, the rider pays a lump sum, and future premiums will be waived under the rider's terms.
ACKO Life Insurance Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
Flexi Term Plan | 18 to 65 years | ₹25 lakh to No Limit (subject to underwriting) | Annual, semi-annual, quarterly, monthly |