Digital wealth management services provider Scripbox will now offer term life insurance products to its customers. For this, the company has partnered with Max Life Insurance, Aegon Life and HDFC Life, according to a release.

Scripbox will provide solutions for customer's needs. This will be supplemented by issuance and claims process assistance as well.

Life insurance is one of the fundamental pillars of sound financial planning. While life insurance has been available in India for decades, the level of protection is quite low. As per a 2019 study by Swiss Re, India runs a high 83% mortality protection gap. Out of the 17% mortality coverage, life insurance contributes to a meagre 1.2%. Additionally, perception of the protection gap is lower than the actual gap. This means that most Indians are grossly underinsured when you consider rising cost of living, lifestyle needs, assets/liabilities, etc. According to industry estimates, only 55 lakh individuals in India have term life insurance.

From now on, term life insurance will be a part of the core offerings of Scripbox. The company has curated a set of term life insurance products considering often overlooked factors like value-based claim settlement ratio.

"Adding life insurance products to our service bouquet further equips us to cater to the holistic wealth management needs of our customers", said Prateek Mehta, Co-founder & CBO of Scripbox.

He added, "The expansion to term life insurance will also help to serve the broader goal of increasing insurance penetration in India."