MobiKwik Offers Instant Life Insurance for Rs.20 on Its App

Offers group micro life insurance of Rs.1 lakh at Rs.20 monthly premium New Delhi, Delhi, India: MobiKwik, India’s largest digital financial services platform, today announced the launch of digital life insurance on its app to its users. MobiKwik, India’s largest digital financial services platform, today 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 big announcement by MobiKwik in the digital insurance space, post the launch of accidental insurance in November 2018. The users have an option to choose from three sum assured policies: Rs. 1 lakh, 1.5 lakhs and 2 lakhs, available against monthly premiums of Rs. 20/-, 30/- and 40/- respectively. Life insurance can be digitally purchased on the MobiKwik app, via a paperless, 2-step process that takes 10 seconds and the policy is issued instantly. MobiKwik will be extending its base of insurance providers in this category and is exploring associations with other leading insurance providers. Mobikwik will be adding curated products based on customer profile and will offer personalised products rather than ‘one size fits all’. Commenting on the launch, Ms. Upasana Taku, Co-founder and Director, MobiKwik said, “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. The market is huge and expected to grow rapidly. 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 USD 280 billion by 2020. The report also states that life insurance industry in the country is expected to grow by 12-15 percent annually for the next three to five years. Our innovative, curated offerings in the insurance domain aim to simplify the process of buying insurance and also make it affordable to a totally untapped set of customers.”