NEW DELHI: MobiKwik has announced the launch of digital life insurance on its app to its users. MobiKwik in association with ICICI Prudential Life Insurance Company has rolled out first-of-its-kind group micro insurance product.
The offering begins with a life cover of Rs 1 lakh available for a monthly premium as low as Rs 20. This is the second announcement by MobiKwik in the digital insurance space, post the launch of accidental insurance in November 2018. choose from three sum assured policies: Rs 1 lakh, Rs 1.5 lakhs and Rs 2 lakhs, available against monthly premiums of Rs 20, Rs 30 and Rs 40 respectively. MobiKwik will be extending its base of insurance providers in this category and is exploring associations with other leading insurance providers.
Commenting on the launch, Upasana Taku, Co-founder, MobiKwik said in a statement, “Over the past 9 years, Mobikwik has designed products that are aimed at transforming the financial landscape and driving financial inclusion in India. Our foray into the life insurance category is in line with our vision to bring about an impactful change in the way financial services are distributed in India. As per a recent report by ASSOCHAM released in partnership with a research firm called APAS, the insurance industry in India is expected to reach $280 billion by 2020. The report also states that life insurance industry in the country is expected to grow by 12-15 per cent annually for the next three to five years.”
In a statemnet Puneet Nanda, Deputy Managing Director, ICICI Prudential Life Insurance Company said, “The paperless on-boarding process paves the way for MobiKwik’s large user base to purchase life insurance. Customer centricity is the core philosophy of both organisations and we look forward to a long and mutually beneficial relationship.”
MobiKwik user is suggested an appropriate insurance product, selected basis existing profile of the customer, advanced data analytics and artificial intelligence algorithm. The company had recently launched the accidental insurance product which has received a great response from its user base. It offers accidental insurance of Rs 1 lakh for a year for as low as Rs 20.