Page 11 - Insurance Times November 2021

Private Life Insurance

News

Insurtech startup Gram (teleconsultation) to new eligible Life insurance sees positive
consumers of specified products. Such
Cover raises $7 million in consumers can book an online growth
series A funding consultation with qualified doctors The life insurance industry is slowly
Insurtech startup GramCover said it across 22 specialities, including coming back to normal after second
has raised $7 million co-led by Siana cardiology, orthopedic, neurology and wave of the Covid-19 pandemic.
Capital and Inflexor Ventures in a diabetes and endocrinology and even "The industry is doing well. With every
cases of suspected COVID infections.
Series A round. The fundraise also saw passing month, business is improving.
the participation of Stride Ventures This allows consumers to continue Private sector life insurance companies
along with existing backers Omidyar practicing social distancing and consult are doing well and public sector bank-
Network India, Flourish Ventures and specialists. led banca companies are doing
Emphasis Ventures (EMVC). especially well," said Rushabh Gandhi,
New Life Insurance
The five-year-old startup specialises as Deputy CEO, IndiaFirst Life Insurance.
an insurtech marketplace focused on product from Bharti AXA Gandhi said there are green shoots

rural India facilitating policy purchases Bharti AXA Life Insurance has across the industry as well as for the
across products like crop, motor, announced the launch of a new insurers and there continues to be
livestock, and health insurance. The participating savings product - Bharti strong demand amongst consumers for
firm said that it sold insurance covers AXA Life Unnati - that offers four plan life insurance.
worth Rs 110 crore in premiums. options. The 'Whole Life Income' option "A large part of our portfolio is non-
The fresh capital will be used to provides guaranteed income starting participating products; the
strengthen the technology and product from the second year onwards with
cash bonuses (if declared) till age 100 contribution of protection business is
offerings and also scale up the business growing. Quotations for term life are
and support functions, the startup said years. The 'Endowment' option
provides lumpsum benefit at the end increasing. It is a visible and sustainable
in a media statement. GramCover said
of the policy. The 'Moneyback' option trend," he noted.
that it will also expand its point of sale
gives an amount equal to one Claims, which shot up by two to three
network, tech, and operation teams
across geographies. Unitus Capital annualised premium every fourth year times in the second wave of the
acted as the financial advisor to the during the policy term along with a pandemic compared to the first wave,
company on the transaction. lumpsum amount at the end of the have also come down for life insurers,
policy term. Lastly, the 'Immediate he further said.
Tata AIA Life Insurance Income' option provides regular
income in form of cash bonuses (if ICICI Pru Life posts 47%
partners with Practo declared), from the second policy year

Tata AIA Life has partnered with Practo and provides a lumpsum amount at rise in Q2 net profit
to offer online medical consultation maturity. ICICI Prudential Life Insurance

The Insurance Times, November 2021 11