KlarifyLife, an HDFC Life Initiative, launches 'Term Guide'

The ‘Term Guide’ is a short, do-it-yourself (DIY), interactive guide that enables customers to understand their term insurance needs as well as the decisions they need to take while buying a term plan best suited to their unique requirements. The Term Guide can be accessed by all, at no cost, at www.klarifylife.com/term-guide. 

Based on their needs, ‘Term Guide’ enables an individual to decide on the following:

• Policy duration

• Life cover to meet their family’s requirements

• Add-on benefits aka riders

• Premium payment term and frequency

• Mode of payout 

The idea for ‘Term Guide’ is based on the insight that many individuals are unable to make the right purchase decisions related to term plans, which leads to procrastination in the buying process and even avoidance in some cases. During several discussions on the topic, potential customers, especially from the millennials and Gen Z age group pointed out that the most overwhelming aspects of the process were the part of decision-making and the varied advice which they received from different sources. 

The ‘Term Guide’ has been tested by potential term insurance customers as well as policyholders alike as part of a customer validation exercise. The feedback has been quite encouraging because it ensures customer involvement in every step of the decision-making process, enabling them to understand the logic behind every decision taken. 

Speaking on the development, Vineet Arora, Chief Operating Officer, HDFC Life, said, “KlarifyLife is committed to raising awareness about term insurance among millennials and Gen Z in an easy to understand manner. The ‘Term Guide’ is an awareness and knowledge-building initiative. We don’t prompt the customer to buy or call them for any purchase thereafter. This is a fully customised solution that puts customers in charge of making more informed decisions when buying a term plan or evaluating their current insurance coverage. This is part of our endeavour to enable India to tackle the problem of underinsurance. We want to empower individuals to achieve financial freedom and the ‘Term Guide’ is a step in that direction.”