Max Bupa, on Wednesday, announced a strategic partnership with MobiKwik, a Fintech platform, to promote affordable and convenient bite-sized group health insurance products for MobiKwik’s customers across the country.
Bite-sized insurance offerings, which are essentially easier to buy over the counter-health insurance products, primarily targeted towards working professionals and millennials, are fast picking up pace in the country and gaining huge interest from customers who are always on the go and are looking for convenient, low price and accessible health plans for their specific health needs. It is for those customers who are looking for quick, simple and affordable health insurance propositions to take care of their specific health needs.
No paperwork or medical will be required. An immediate policy issuance at affordable premium will be available. It will be digitally enabled, which will involve buying health insurance in just two clicks.
Max Bupa is also offering a cancer cover at nominal premium and a HospiCash product, in order to make health insurance purchase simple, instant and affordable for MobiKwik’s vast customer base.
The HospiCash product offers a perfect solution for their evolving health needs. It provides for a pre-defined daily allowance basis the number of days of hospitalisation irrespective of the actual expense incurred by the customer. Priced at an annual premium as low as Rs 135, it will offer Rs 500 per day hospital allowance for up to 30 days in a year to a customer. If admitted to an ICU, the amount receivable by the policy holder is twice the daily hospitalisation cash benefit. In addition to this, customers will also get additional security against accidents wherein the family would receive Rs 1 lakh in case of accidental death of the customer.
The organisation 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. A lumpsum of Rs 10,000 against these conditions will help the customer to not only take care of hospitalisation expenses but also work leave losses. Such proposition would soon be available on the MobiKwik platform at a nominal premium of Rs 49. Further, customers will also get an accidental death cover for Rs 1 lakh as an additional security.
Cancer being one of the most dreaded diseases with over 1 million patients getting registered every year, the battle against cancer has a severe financial drain which leads to families of patients to borrow from friends or family or even sell their assets. To provide solution to these challenges, Max Bupa will be offering a fixed benefit cancer plan for Mobikwik’s customers which would provide the required protection to the customers and support them in such tough times, with a lumpsum payout to not just take care of their medical expenses but also support the financial needs of their family.
Upasana Taku, co-founder, said, “Our mission is to build affordable and accessible financial services for billions. Bharat needs a truly disruptive approach to ensure health cover is available to every citizen at a low premium, with instant issuance and without fear of medical exams and piles of paperwork. A single hospital stay without any insurance cover becomes a long lasting financial burden on many lower and middle class families. We are committed to enabling our customers with smart insurance products that are affordable and simple to understand with lightning fast purchase experiences. With this partnership, we are bringing together the power of protection and digital to provide affordable health insurance to millions of Indian families.”
Speaking on the announcement, Ashish Mehrotra, managing director and CEO, Max Bupa Health Insurance, said, “The customer is at the center of everything we do and it is our constant endeavour to design products and solutions that fulfill their growing requirements. Today’s customers demand simple, affordable and digitally enabled on the go products which provide coverage for lifestyle illnesses as well as basic hospitalisation cover. In line with this, 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. We are enabling financial inclusion by making pocket size health insurance solutions available and plan to acquire one million Mobikwik customers over the next three to four years.”
