Mobikwik, Max Bupa Launch Pocket-Sized Insurance Products Starting at Rs 20
The idea behind the 'shampoo-sachet' concept in the insurance sector is to make it extremely affordable and instantly available to people since most Indians cannot afford existing insurance products.
(Photo for representation, image: News18.com)
Mobile payments service provider MobiKwik has partnered with health insurer Max Bupa to offer a range of mini medical insurance products with premiums as low as Rs 20 in order to reach the masses.
The idea behind the “shampoo-sachet” concept in the insurance sector is to make it extremely affordable and instantly available to the people. Upasana Taku, co-founder of MobiKwik, told Moneycontrol that, although there are multiple insurance products in the country to choose from, a majority of Indians cannot afford them.
“Insurers have products for individuals who have monthly income of Rs 40,000 and above. We want to offer products with premiums as low as Rs 20 so that the masses can buy it instantly,” she added.
As part of its deal with Max Bupa, MobiKwik has launched a HospiCash plan that has an annual premium of a mere Rs 135, which provides daily cash allowance of Rs 500 for up to 30 days during the hospital stay. There is an inbuilt accident insurance cover of Rs 1 lakh.
The higher variants with annual premium of Rs 225 and Rs 400 will provide cash allowance of Rs 1,000 and Rs 2,000 per day, respectively.
Ashish Mehrotra, MD and CEO at Max Bupa Health Insurance, said that they were enabling financial inclusion by making pocket-sized health insurance solutions available through the Mobikwik platform.
Mehrotra said that they expect bite-sized insurance products to drive the growth in the insurance sector in the near future, with the company planning to acquire one million (Mobikwik) customers over the next three-four years.
Meanwhile, Upasana Taku informed that Mobiwik is not new to the insurance sector. Taku told Moneycontrol that Mobikwik entered the insurance segment six months ago and has sold 90,000-100,000 policies every month.
“Currently, we are selling products under the group platform. We will apply for a corporate agency licence with the insurance regulator. This will help us distribute insurance products with the right partners,” she added.
At present, whenever a customer visits the MobiKwik platform to make payments, Taku said they target them during that period. For instance, Mobikwik has a product that offers content cover against fire from gas leakage. The premium is Rs 25 per month for an insurance cover of Rs 2 lakh.
Similarly, there is a personal accident cover for Rs 20, Rs 60 and Rs 100 annual premium for sum-assured of Rs 1 lakh, Rs 3 lakh and Rs 5 lakh, respectively. Life insurance covers are available for an annual premium of Rs 148 for sum assured of Rs 1 lakh. Taku said that they would offer quarterly as well as bi-annual premium options in the near future.
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