Another direct life insurer bites the dust
In September 2017, Indie, a South African startup, launched with a unique twist on life insurance, offering an array of products:
- Indie Preserve: Provides financial support if the policyholder is unable to earn a salary.
- Indie Shield: Settles the policyholder’s debts in the event of their death.
- Indie Assist: Provides the policyholder’s beneficiaries with a monthly income if the policyholder dies.
- Indie Restart: Offers support for policyholders who become disabled, helping them to start over.
- Indie Finale: Ensures a proper send-off for the policyholder and settles estate duties.
- Indie Overcome: Assists policyholders in battling cancer.
Additionally, Indie introduced a novel concept where client money is invested into a personal Bounty, growing with the market. Customers also received a ‘CashDrop’ after every 60 premiums paid, which they could withdraw or reinvest. At age 70, the full Bounty amount would be paid to the policyholder.
Indie was designed for the mobile generation and backed by Sanlam. However, as time passed, Indie evolved into Sanlam Indie . This transition saw a shift from the original hippie branding to a more corporate image, symbolized by the return to the traditional corporate blue color.
Currently, Sanlam Indie’s products are no longer available online. The company states on its site that they are “hard at work to bring you an improved online insurance offering. Our Sanlam Indie product range is therefore no longer available to new clients.”
Bottom Line: Life Insurance: More constant than change.
