Beshak, a consumer awareness and research platform for insurance, has been launched term insurance Cover calculation and plan discovery tool titled Truematch. This tool uses a comprehensive but concise survey to assess a consumer’s current financial status and future financial needs, based on which it provides tips on insurance plans as well as term covers along with suggestions on insurance plans. Gives recommendations on the right amount of a drug that best matches one. consumer requirements.
The Truematch calculator asks for details about the consumer’s income, investments, debts, near-future liabilities and budget of the dependent’s expenses in order to get the right amount of cover required.
What sets it apart from calculators provided by other online insurance aggregators such as Policybazaar and Coverfox is that if a consumer’s current financial situation does not demand a term cover, the final report tells the consumer not to purchase one. . term insurance Absolutely plan.
Mahaveer Chopra, Co-Founder and CEO, Beshak said, “In a scenario where the consumer has significant high income and significant assets as well as zero liabilities, the final report will tell the consumer that they do not need term insurance.”
Similarly, the Truematch tool prompts the consumer not to buy a term plan if she chooses the ‘No Dependents’ option while filling the survey.
“The idea is to inform the consumer that just because you are getting a lower premium and you are able to lock it in at a young age, should not be the only reason for you to buy a term plan. It really must be something that your family needs.”
Apart from suggesting the cover amount, the TrueMatch report also recommends a claim payment option, which the customer should choose after checking how financially knowledgeable his dependents are. It also states whether one needs additional riders and benefits on top of their plain vanilla term plan.
Beshak was founded by Chopra, who has over 20 years of experience in the insurance industry, in March 2020 as an independent research platform for individual policyholders. Chopra claimed that Beshak has no agreement with any insurer, which ensures that there is no manipulation or bias in term plan recommendations, and does not sell insurance plans through TruMatch tools,
“TruMatch is 100% neutral, and we have no affiliation with any insurer. Typically, as you are a distributor, one of the major challenges you will face is the insurer on the way you evaluate insurance plans. How will you respond? Without any tie-up, we are completely focused on solving customer problems,” Chopra said.
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