Acko's Life cover biz to focus on term plans, pensions.

Acko, with the support of major private equity firms General Atlantic and Multiples Private Equity, plans to invest nearly a crore in its life insurance business over the next five years. Founder Varun Dua intends to focus on offering pure-term insurance and may consider pension or retirement products as well.

Currently, Acko offers auto, health, gadgets, and travel insurance under its general insurance business. It plans to center its life insurance strategy around protection, particularly term insurance, catering to the middle class and the country's young population. Acko has already made significant investments, with plans to continue its direct-to-consumer approach that has been successful in its general insurance business.

The company will refrain from launching investment-related products and will focus on pure protection-related products, such as term products. Dua emphasized Acko's focus on term life insurance and aims to become a dominant player in this segment over the next five years. This strategy is aligned with Acko's successful direct-to-consumer approach in its general insurance business.