Surreal creatures and a print manifesto lead ACKO’s push against mixed life plans

Through its new Unmixed philosophy, ACKO Life Insurance is challenging the long-standing practice of blending protection with investment, arguing that the approach leaves consumers with diluted outcomes on both fronts.

Nitin Khanna, vice president marketing at ACKO, says the brand’s thinking was shaped by industry data that showed a small share of life insurance purchases going towards term plans.

“If you look at the truest form of protection, which is term life insurance, that might not be more than 15% to 20% of what the industry sells,” he states, adding that life insurance penetration itself remains low in India.

According to Khanna, the insight led to a fundamental question for the company. “Even folks who have life insurance might feel they are insured, but are they really protected?”

A challenger stance in a crowded category

India’s life insurance industry sells bundled products that combine investment returns with protection, often marketed as savings or money back plans. A term insurance plan, on the other hand, only focuses on protection; if something were to happen to the policy holder, the insured sum would go to their nominee(s). 

India’s life insurance market reached an estimated $110.60B in 2024 and is projected to grow to $248.37B by 2033, according to IMARC Group, a market research and consulting firm.

Life Insurance Corporation of India (LIC) dominates the market alongside private insurers such as SBI Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, Axis Max Life Insurance and Bajaj Allianz Life.

While ACKO acknowledges that such messaging may not resonate with everyone in the ecosystem, it believes consumers will respond to clarity. “If you say the right thing in the interest of the consumer, today’s consumer is smart enough to understand that conversation.”

The D2C insurer has previously adopted a similar challenger tone in its motor and health insurance communications, and the life insurance campaign continues that trajectory. 

Rather than positioning itself as a rebel, Khanna described the brand’s role as one that questions the status quo when entering a new category. “We feel we will be doing disservice to consumers if as a challenger brand we do not question the status quo,” he says.

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Why a long copy print manifesto

One of the more unusual aspects of the launch is its reliance on a long form newspaper ad at a time when many marketers are reducing copy and prioritising digital formats.

“The conversation we wanted to have was more mature and required a medium where readers could lean in. Print offered the right environment to announce our philosophy,” Khanna says. 

He added that traditional media metrics such as cost per reach were not the primary lens for this launch. Instead, the brand focused on credibility and the ability to communicate complex financial ideas in a more thoughtful setting.

Alongside the print manifesto, ACKO released films titled Lionish and Dogow, which use hybrid animal metaphors to critique mixed insurance products. The creative approach stands apart from the fear led narratives often seen in insurance advertising.

Khanna said the brand was not concerned that the unusual visuals might overshadow the message. “Our advertising has always tried to avoid typical category tropes. The absurdity of the visual device becomes a hook, but the idea itself is simple. When you mix two things, you dilute both,” he explains. 

Betting on a long game

Covering policy holders is easier said than done. Khanna says the brand would consider it a positive outcome if competitors began echoing similar messaging. “If more players move towards doing the right thing for consumers, it will benefit the entire industry,” he noted, while also pointing to first mover advantage in shaping the conversation.

He also indicates that the positioning is a long-term play. ACKO expects meaningful shifts in consumer perception and behaviour to take several years, even though individual campaigns will be evaluated on shorter timelines.