Digital wallet service provider MobiKwik is now offering instant life insurance for its mobile app users at a price of Rs.20 per year. The is the first-of-its-kind life insurance scheme offered by a digital wallet service provider in India. MobiKwik is offering this service in association with private life insurance service provider ICICI Prudential.
For the price of Rs.20 per year, MobiKwik mobile wallet users can buy life insurance coverage worth Rs.1 lakh. There are two more sum assured options available under this micro-insurance plan. Sum assured of Rs.1.5 lakh is priced at Rs.30 per year and Rs.2 lakh is priced at Rs.40 per year. The company is also currently exploring an alliance with other leading life insurance service providers in the market to expand this service.
This is the second digital insurance service being offered by MobiKwik. In November 2018, the company launched a personal accident insurance cover for its mobile wallet users. The company also looks forward to adding many more insurance products in various categories in the future. Rather than providing one single product in each category, the company looks forward to offering customised products based on the specific needs of users.
The life insurance cover launched by MobiKwik is a completely paperless product that can be bought within a few seconds by its app users. ICICI Prudential’s Deputy Managing Director, Puneet Nanda, stated that this paperless insurance purchase service will appeal to the large customer base of MobiKwik. He also noted that both organisations are expected to mutually benefit from this association as customer centricity is the core principal of both companies.
Upasana Taku, co-founder of MobiKwik, stated that the company focuses on transforming the financial landscape in India. The company has entered the life insurance space to make an impactful change in the industry. Though life insurance penetration is extremely low in India at present, its growth rate over the next three to five years is estimated to be 12% to 15%.
Source: Economic Times