Health insurance provider Max Bupa on Wednesday announced a partnership with fintech platform MobiKwik to promote bite-sized group health insurance products for MobiKwik’s 107 million customers across the country, according to a release.
Bite-sized insurance offerings, which are essentially easy to buy, over the counter health insurance products, primarily targeted towards working professionals and millennials, are picking up pace in India and gaining interest from customers who are always on the go and are looking for low price and accessible health plans for their specific health needs. These young customers are looking for quick and affordable health insurance propositions to take care of their specific health needs. They are interested in a fully digital buying journey along with simple claims procedure.
In keeping with this emerging trend, Max Bupa in association with MobiKwik will offer a slew of innovative offerings, including a cancer cover at nominal premium and a HospiCash product, in order to make health insurance purchase simple, instant and affordable for MobiKwik’s customer base, the release said.
Max Bupa’s HospiCash product offers a solution for evolving health needs. It provides for a pre-defined daily allowance basis the number of days of hospitalization irrespective of the actual expense incurred by the customer. This ensures that the out of pocket expenses are taken care of. Priced at an annual premium as low as Rs 135, HospiCash will offer Rs 500 per day hospital allowance for up to 30 days in a year to a customer, the release said.
If admitted to an ICU, the amount receivable by the policyholder is twice the daily hospitalization cash benefit. In addition to this, customers would also get additional security against accidents wherein the family would receive Rs 1 lakh in case of accidental death of the customer.
Max Bupa will also offer a new proposition for vector-borne diseases like dengue, chikungunya, malaria, Japanese Encephalitis, lymphatic filariasis, for those who are interested in further safeguarding themselves against the increasing incidences of such diseases. A lump sum payout of Rs 10,000 against these conditions will help the customer to not only take care of hospitalization expenses but also loss of pay for the time they have been away from work. Such proposition would soon be available on the MobiKwik platform at a premium of Rs 49. Further, customers would also get an accidental death cover for Rs 1 lakh as additional security.
Ashish Mehrotra, MD & CEO, Max Bupa Health Insurance said, “we foresee bite sized insurance products driving the insurance sector in the near future, eventually bringing more and more new customers into the ambit of health insurance. Our alliance with MobiKwik fortifies our commitment to make quality health insurance products more affordable and accessible to customers across India through digital innovations. We are enabling financial inclusion by making pocket size health insurance solutions available through the MobiKwik platform and plan to acquire one million MobiKwik customers over the next 3-4 years.”
