True Balance Partners With IndusInd General Insurance To Launch Affordable Accident Cover For Underserved Users
New Delhi, May 10: True Balance has partnered with IndusInd General Insurance Company Ltd to introduce a low-cost Group Personal Accident (GPA) insurance product aimed at improving financial protection for underinsured and first-time insurance users across India.
The new embedded insurance offering is designed primarily for users in Tier 2, Tier 3 and Tier 4 markets, especially gig workers and low- to middle-income groups who remain highly vulnerable to accidental income loss. The digital accident cover will provide financial assistance in cases of accidental death or permanent disability.
Under the partnership, True Balance will distribute the insurance product directly through its app ecosystem, integrating it across high-engagement touchpoints such as the home screen and repayment journeys. IndusInd General Insurance will handle policy servicing and backend insurance operations.
The companies said the initiative aims to simplify insurance access by removing traditional barriers such as lengthy paperwork and complicated onboarding processes. The annual accident cover has been structured to be affordable, digitally accessible and easy for first-time users to understand.
Soumyajit Ghosh, COO of True Balance, said embedded insurance models can help improve insurance penetration among underserved populations by integrating protection products into familiar financial journeys. He noted that for gig workers and informal earners, even basic accident insurance can help prevent severe financial distress following an unexpected incident.
True Balance also stated that it is leveraging its AI-driven platform to offer insurance products during financially relevant moments, particularly during repayment interactions, as part of its broader responsible lending strategy.
The collaboration aligns with the Insurance Regulatory and Development Authority of India’s (IRDAI) “Insurance for All by 2047” vision, which seeks to expand insurance access to underserved communities across the country.
Founded as an AI-powered financial services platform, True Balance offers digital lending and payment services focused on underserved and underbanked users. The company operates through RBI-regulated entities and is backed by global investors including SoftBank, Naver and Line.
