InsurTech leader RenewBuy has unveiled its latest proprietary insurance product, RB Suraksha. This launch marks the company’s second low-cost offering, designed specifically to address the “Missing Middle” needs – a segment that requires affordable term life insurance but often finds it out of reach due to high premiums.

RenewBuy founded in 2015, has quickly established itself as a major player in the InsurTech space, which offers a wide range of insurance products with a network of over 1.2 lakh insurance advisors. The company has served over 5.5 million customers across 1500 cities, towns, and districts, leveraging technology to enhance consumer experience and service delivery.

RB Suraksha is a comprehensive solution combining term life insurance with Outpatient Department (OPD) benefits. The product targets individuals aged 21-49 across India, focusing on those aged 35-49 who are often self-employed or employed in small and medium-sized enterprises (SMEs). These consumers, earning an annual income of ₹3-10 lakhs, often have significant responsibilities but limited disposable income, making traditional insurance products less accessible.

Life insurance penetration in India has been historically limited because of the complex nature of the offerings and because it is expensive. RB Suraksha looks to fill in this gap by offering a much more simplified, reduced-cost plan catering to its prospective target group’s specific needs. The premium, starting from a low of ₹5,500, offers a dual variant in this plan. The Gold Plan includes a sum assured of ₹10 lakh, and the Platinum is assured of ₹20 lakh. Both plans include a “wellness wallet” that can be used for OPD expenses like in-clinic consultations, lab tests, and dental check-ups.

RenewBuy has integrated advanced technologies like Generative AI into the RB Suraksha product to enhance the consumer experience. With such technologies, a person can get verified in real-time through Aadhaar, while photo and video verification will facilitate quicker and much more secure transactions to buy an insurance policy. AI-driven insights help assess consumers’ health, lifestyle, and risk profiles for the provision of personalized insurance plans.

RenewBuy, with RB Suraksha, plans to expand its reach beyond the top 50 cities in India, targeting an additional 200 markets. The product’s affordability and ease of understanding make it a strong contender in the underpenetrated insurance market. As Harish Kurudi, Vice President-Product at RenewBuy, noted, “Our goal is to meet the needs of today’s consumers, especially in smaller markets where access to affordable insurance is limited.”