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Nubank Introduces Innovative Life Insurance Program

Nubank customers can now give individual life insurance policies as gifts

Nubank Introduces Innovative Life Insurance Program

The crypto-friendly digital bank Nubank has introduced an innovative insurance product Nu Vidas Juntas, in partnership with Chubb Seguros, one of the world’s largest insurers.

The innovation allows customers not only to acquire their own policy but also to purchase an additional policy for other Nu customers as a gift. The additional life insurance may be given both to family members and friends, as there is no need to prove a family bond between the two people.

“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 of Chubb Seguros in Brazil.

The insurance buyer is eligible for death and funeral coverage as well as daily accident coverage (DIT). Those who receive the insurance policy as a gift will also have access to death and funeral coverage. They will manage the policy separately, according to the terms and conditions outlined in the contract. However, the use of the ‘gift’ coverage will be possible only as long as the original policyholder maintains the contract.

Nu Vidas Juntas will gradually become available to eligible Nubank customers. It will be contracted via the Nubank app “in a 100% digital flow”. Both the simulation and confirmation of the service will take less than a minute, with all processes happening directly in the app.

The insurance policy price will not be adjusted by age during the first five years. Besides, if the recipient of the second ‘gift’ policy does not activate it, the contracting party receives a proportional refund.

The product is the second Nubank’s offering in the insurance market. Earlier, the institution launched Nubank Vida.

“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,” says Livia Chanes, Country Manager of Nubank in Brazil.

The ongoing bank’s partnership with Chubb Seguros was announced last year. It enables the development of new life insurance products for Nubank clients in Latin America with the help of the insurer’s global digital product distribution platform, Chubb Studio. Together, the companies have already facilitated the purchase of over 1 million active policies.

Life insurance is not only able to provide customers’ families with financial support upon their death but can also help them make money while they live. Read more about How to use life insurance to build wealth.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.