Aegon Life Insurance and MobiKwik, an Indian fintech company, have joined hands to launch an INR20 ($0.28) smart digital insurance product.
The strategic partners have announced the launch of an assorted insurance product called the Aegon Life Group Term Plus Plan with both Death and Accidental Disability Benefit, available exclusively on MobiKwik App. One can purchase this plan by paying as little as INR20 ($0.28) in premium for a sum assured of INR200,000 ($2845.6) which includes term insurance and accidental disability.
MobiKwik has created a lightning fast, fully digital in-app purchase flow on its App for this new smart insurance product. Buyers have the option to choose from 3 Sum Assured variants of INR100,000 ($1422.8), INR150,000 ($2134.2) and INR200,000 ($2845.6), which are bundled with an additional INR100,000, INR150,000 andINR200,000 of Accident Disability, at no additional cost. The policy can be availed at a premium of INR20 ($0.28), INR30 ($0.43) and INR40 ($0.57) respectively and is issued instantly.
Speaking on the partnership, Mr. Vineet Arora, MD and CEO, Aegon Life Insurance said, “Digital has always been intrinsic to our DNA. Being Direct-to-Customer, we wanted to be closer to our customers and design offerings that are better suited to their needs. This association with MobiKwik further fortifies Aegon Life’s commitment to provide innovative and need-based insurance solutions to everyone via the online channel.”
He further adds, “One of the key benefits of buying Insurance from a digital platform is quick processing. Since the process is entirely digital, the on-boarding of the customer happens in a couple of minutes with immediate issuance of the cover. With this partnership, we expect to expand the reach for term insurance solution and avoid procrastination to become an excuse for not securing yourself and your loved ones.”
Added Ms. Upasana Taku, Co-Founder and Chief Operating Officer, MobiKwik, “Since our recent foray into digital insurance, we have leveraged the power of partnerships to roll out smart insurance products for our customers. These products are designed in-line with our vision to impact ‘Bharat’, the real India, and improve the insurance penetration in India which is currently 3.7%. We are committed to launch smart insurance products that are 1) simple to understand for first-time buyers, 2) at price points which are affordable for all, and 3) can be purchased fearlessly via quick in-app experiences. Insurance as a Vertical has been one of our star performers and is growing exponentially month over month. We are bullish about this smart insurance product launched in partnership with Aegon Life and are confident that it will receive an extremely positive response from ‘Bharat’.”
Source: Company Press Release