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Policy · Financial Services

Acko commits to pure life insurance products

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ACKO logo
Date
Company
ACKO
What it does
Insurer offering pure life cover
Kind
Policy
Sector
Financial Services

What they do

Acko is an insurer launching pure protection life policies

What happened

The company disassociates insurance from investment amid regulatory push

Why it matters

Mixed products dominate the market with over ninety-seven percent share

The details

  • Acko commits to offering 'pure' life insurance products.
  • The insurer disassociates insurance from investment strategies.
  • This move aligns with IRDAI push to prevent misselling of life insurance.
  • Proposed laws could bar common directorships between bank and insurance boards.
  • Finance minister tabled the Economic Survey 2024-26 recently.
  • Centre vision aims for 'Insurance To All By 2047'.
  • Varun Dua is listed as the founder of Acko.
  • The shift responds to high grievances linked to mixed products.

The bigger picture

  • Mixed or investment-linked life insurance dominates the market with over ninety-seven percent share.
  • Grievances related to unfair business practices rose to twenty-two point one four percent in FY25.
  • Pure protection premiums were significantly lower at INR 17,950 Cr compared to mixed products.
  • Regulatory changes aim to protect consumers from complex financial products.

About the business

  • Acko offers life insurance products focused on pure protection.
  • The company avoids mixing insurance with investment components.
  • It operates within the broader Indian insurance sector.
  • The firm targets customers seeking straightforward coverage options.
  • Market data shows mixed products hold the majority of premiums.
  • FY25 gross written premium for mixed products exceeded INR 6.25 Lakh Cr.
  • Pure protection premiums stood at INR 17,950 Cr in FY25.
  • Consumer grievances remain a key metric for industry performance.
  • The company follows regulatory guidelines set by IRDAI.

What happens next

  • Acko will continue offering pure life insurance products.
  • The company monitors proposed Insurance Laws Amendment Bill developments.

Founders

  • Varun Dua, Founder

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