Nubank announces innovative life insurance program; customers can now give individual policies as gifts
With a competitive average price for both policies, Nu Vidas Juntas is yet another step in Nubank’s goal of reinventing and democratizing insurance
Jun 20 , 2023
São Paulo, June 20, 2023 – Nubank, one of the world’s largest digital financial services platforms, announces Nu Vidas Juntas, its newest product in the insurance market, in partnership with Chubb Seguros. The new insurance model innovates by allowing customers to acquire their own policy and gift another Nu customer with a second policy. There is no need to prove a family bond between the two people. Nu Vidas Juntas will be gradually made available to eligible Nubank customers.
This is the company’s second life insurance product, following Nubank Vida, which launched at the end of 2020. Nu Vidas Juntas can be contracted quickly and transparently through the Nubank app in a 100% digital flow. With a competitive average annual cost for both policies, the simulation and confirmation of the service take less than a minute, directly in the app. The insurance policy price is not adjusted by age during the first five years. In addition, if the person who receives the second policy as a gift does not activate their individual policy, the contracting party receives a proportional refund.
“Since we entered the insurance market, our proposal was very clear: to reinvent this historically bureaucratic segment to offer protections with an experience free of complexity. Nu Vidas Juntas is yet another step forward in our goal of innovating in the insurance market, now with the possibility of another person having access to specific coverage without having to pay extra for it”, says Livia Chanes, Country Manager of Nubank in Brazil.
Nu Vidas Juntas is part of the regional partnership between Nubank and Chubb Seguros, one of the world’s largest insurers. The partnership was announced last year and enables the development of new insurance products for Nu clients in Latin America. The insurer’s global digital product distribution platform, Chubb Studio, allows its partners to quickly and easily develop insurance product offerings on their platforms.
“In addition to the financial protection of our customers, we believe that this product also has the power to increase the life insurance culture in our country, multiplying the protection and care of our loved ones in a natural and organic way,” says Leandro Martinez, President from Chubb Seguros in Brazil.
The customer who purchases the insurance is eligible for coverage in the event of death and funeral, as well as daily accident coverage (DIT). In other words, if the person experiences an accident that prevents them from returning to work, the insurer will provide a payment within a specified time frame to assist with everyday expenses. To activate the DIT, simply submit a medical certificate that proves temporary incapacity and explains the cause of the accident.
On the other hand, when someone receives the insurance policy as a gift, they will have access to death and funeral coverage. They will begin managing the policy separately from the moment they accept it, according to the terms and conditions outlined in the contract. The use of the coverage will be possible as long as the original policyholder who purchased and gifted the insurance maintains the contract.
With over 1 million active policies, Nubank and Chubb also offer Nubank Vida and Nubank Celular Seguro, further demonstrating their commitment to providing customers with products that are easy to understand, secure, and of high quality.
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