MAM
Mygate partners with ACKO
Mumbai: Mygate, a living experience tech company, has recently received its aggregator license from the Insurance Regulatory Development Authority of India (IRDAI) to make insurance policies available to its users. This follows the strategic partnership that Mygate entered with ACKO, the tech-first insurer.
Through this partnership, both companies endeavour to deliver intelligent digital protection solutions tailored to the evolving needs of the 4 million households on the Mygate app. By integrating ACKO’s insurance services seamlessly into its platform, Mygate aims to bring insurance closer to home, making it hassle-free and easily accessible to its users. To begin with, the partnership will enable Mygate users looking to opt for car insurance to have easy access to policies at exclusive prices, timely reminders for renewal, and instant paperless claims.
Mygate has also introduced the unique ‘auto insurance reminder’ feature, powered by cutting-edge technology. The feature will enhance the overall customer experience on the app and enable users to benefit from the vast variety of protection offerings.
To further strengthen the partnership, the companies will look at expanding the product offerings beyond motor insurance, adding health and life insurance to the portfolio with solutions such as Outpatient Department (OPD) covers and RWA liability insurance. This will provide holistic insurance solutions powered by ACKO to the Mygate ecosystem.
Mygate co-founder & CEO Abhishek Kumar said, “Our commitment to improving living experience via technology is strengthened by the ability to offer tailor-made insurance for the gated community residents. We are already seeing a very positive reception to the launch and availability of car insurance via the Mygate app, and are excited to uncover what the future holds, as we continue to bolster this partnership and innovate with ACKO.”
“At ACKO, we constantly endeavour to create for the customer. Together with Mygate, we are working at redefining protection beyond auto insurance and trying to solve every aspect of the customer’s lives with our holistic approach. This partnership will help us leverage the potential of our tailor-made solutions and establish us as an integral part of the everyday lives of many million households,” said ACKO General Insurance CEO Animesh Das.
Ather and Hero. In March 2023, ACKO entered the retail health insurance segment to bring the customer into focus with its fair pricing, convenience, and superior customer experience. Further, ACKO’s acquisition of Parentlane is a testament to its growing health insurance business. ACKO has also collaborated with PhonePe and Mygate to directly offer comprehensive car, bike, and health insurance products to consumers on their platform.
ACKO has one of the largest market shares in embedded insurance products like mobility and gadget insurance in partnership with 50+ leading players in the internet ecosystem such as Oyo, redBus, Zomato, HDB Financial Services and Urban Company. Within two years of its launch, ACKO’s Group Health Insurance product has on-boarded 200+ new age, people-first companies including Swiggy, Razorpay, and CRED and insured nearly 8+ lac lives. In a span of 9 years of operations, the company has distributed insurance policies to over 78+ Mn unique customers and issued 1 Bn+ insurance policies.
If you are actively investing to grow your money month after month, you already understand the value of planning ahead. SIPs, long-term portfolios, retirement planning and goal-based investing all point to one thing. You are building a future with intent.
What often gets missed in this process is one foundational question. How well is the income that funds all these plans protected?
Term life insurance fits naturally into this stage of financial planning. It does not compete with investments. It supports them by protecting the income that makes long-term growth possible.
Why Income Protection Is a Core Part of Financial Planning
Every financial plan begins with income. Before money is invested or saved, it is earned.
Over time, this income is allocated across multiple needs:
● monthly household expenses
● EMIs and long-term loans
● savings and emergency funds
● investments aimed at future goals
As responsibilities increase, financial planning becomes layered. Each layer assumes income continuity. Term life insurance exists to ensure that this structure does not become fragile due to overdependence on a single income source.
It adds stability to plans already in motion rather than introducing a new objective.
What does term life insurance do?
Term life insurance provides a fixed payout to your nominee if you pass away during the policy term. The purpose of this payout is practical and clearly defined.
It is intended to:
● replace lost income for a defined period
● help manage outstanding liabilities
● support ongoing household and goal-based expenses
There is no investment or savings component. This keeps the product focused and cost-efficient, allowing individuals to opt for meaningful coverage without diverting funds meant for growth-oriented investments.
Why Term Life Insurance Complements Investing?
Investments and insurance play different roles in a financial plan.
Investments are designed to:
● grow wealth over time
● compound with consistency
● be adjusted as goals and risk appetite change
Term life insurance is designed to:
● provide financial continuity
● protect existing plans from disruption
● remain stable once put in place
Keeping these roles separate improves clarity. Investments are allowed to perform without being forced to double up as protection, while insurance quietly supports the overall structure.
Who Should Consider Term Life Insurance?
Term life insurance becomes relevant when financial planning extends beyond individual needs. This typically includes:
a) Working professionals
When income supports shared expenses or long-term plans, protection becomes essential.
b) Individuals with long-term liabilities
Home loans, education loans and other EMIs often extend over decades. Term insurance ensures these obligations remain manageable.
c) Parents planning future milestones
Education, healthcare and lifestyle goals require continuity over many years.
d) Early planners with rising incomes
Starting earlier allows coverage to align smoothly with career progression and evolving responsibilities.
How Much Coverage Should Be Considered?
Coverage should be guided by financial reality rather than affordability alone.
A well-rounded evaluation typically considers:
● number of years income needs to be replaced
● existing and future liabilities
● long-term goals already planned
● inflation and rising living costs
Many insurance companies offer options starting from 50 lakhs, 1 crore term insurance and higher. It allows individuals to choose coverage based on their income, liabilities and future plans.
How Term Life Insurance Fits Into a Long-Term Plan
Once set up, term life insurance does not demand frequent attention.
It does not require active monitoring, market tracking or performance reviews. Its role is structural rather than dynamic.
By ensuring financial continuity, it allows families to:
● stay aligned with long-term plans
● avoid rushed financial decisions
● focus on execution rather than damage control
When aligned correctly, term insurance strengthens the foundation on which investments, savings and retirement plans are built.
Choose the Right Insurance Partner
Once the need, coverage amount and role of term life insurance are clear, the final and most important step is choosing the right partner.
This decision should be based on:
● clarity and transparency in policy terms
● a strong claim settlement track record
● consistency in servicing and communication
● the ability to support long-term financial planning rather than just selling a product
Term life insurance is a long-term commitment. The partner you choose today will be the one your family relies on years down the line.
When protection is aligned with purpose and backed by a dependable insurer, term life insurance becomes a quiet but powerful part of a well-built financial plan.
