ACKO, Multipl tie up to combine insurance with investment

Multipl, an ‘Invest Now, Spend Later’ platform, has partnered with the tech-first insurer ACKO to provide integrated insurance payment options to its customers.

The partnership of Multipl and ACKO will provide new age car owners an option to invest and renew their policy with an extra benefit of returns.

In other words, the association will see a seamless integration of the features of ACKO on the Multipl platform, which will allow individuals to create a goal for their annual insurance premium as a part of its save and spend smartly business model.

Individuals can then save in small equal amounts from a duration of three to 12 months to achieve the goal.

Incidentally, Multipl app also rewards its users for positive saving and spending habits. To encourage users to make a saving goal for upcoming insurance premiums, Multipl is encouraging them with instant rewards worth up to Rs 2,000.

Further, Multipl also provides individuals the benefit of being able to invest the savings in curated direct mutual funds based on the risk profile on its platform. This will fetch returns on the invested amount and upon maturity, individuals can make the premium payment on the ACKO interface, which is integrated in the Multipl app.

"Insurance premium is a big recurring expenditure for car owners, especially if they have multiple cars. With our integrated ACKO insurance option, car owners can not only plan for insurance payment but also get rewarded for their savings and make instant payments,” said Paddy Raghavan, Co-founder of Multipl, a start-up backed by investors like Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities.

Further, the platform currently has more than 3 lakh users and aims to reach 1 million users by year end.

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