Max Bupa partners with MobiKwik to promote bite sized health insurance products in India
~ To promote affordable health insurance products for MobiKwik’s 107 Million customers ~
~ Plans to introduce fixed benefit and indemnity based group health insurance products ~
~ With the strategic alliance, Max Bupa further fortifies its ecommerce distribution reach ~
~ Offers digitally enabled quality health insurance solutions with easy instant policy issuance and no medicals or paperwork ~
National, June 26, 2019: Max Bupa – one of India’s leading standalone health insurance players today announced a strategic partnership with MobiKwik–a leading Fintech platform, to promote affordable and convenient bite sized group health insurance products for MobiKwik’s 107 Million customers across the country.
- No paperwork needed - No medical required
- Immediate policy issuance at affordable premium
- Fully digitally enabled buying journey - buy health insurance in just2-clicks
Bite-sized insurance offerings, which are essentially easy to buy, over the counter health insurance products, primarily targeted towards working professionals and millennials, are fast picking up pace in India 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. These young customers are looking for quick, simple 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 vast customer base.
Max Bupa’s 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 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 INR 135, HospiCash will offer INR 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 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 INR 1 Lakh in case of accidental death of the customer.
The HospiCash buying journey on the MobiKwik app is fully digital - just 2-clicks and even the claim process is simple, thus making the customer experience completely seamless.
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 lumpsum payout of INR 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 nominal premium of INR 49. Further, customers would also get an accidental death cover for INR 1 Lakh as additional security.
Being a specialized Health Insurance player, Max Bupa understands the challenges that the lifestyle diseases are posing to Indians. 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 offer 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.
Commenting on the alliance, Upasana Taku, Co-founder MobiKwik said, “Our mission is to build affordable and accessible financial services for a billion Indians. We call this ‘Building for भारत’. 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 Max Bupa partnership, we are bringing together the power of protection and digital to provide affordable health insurance to millions of Indian families.”
Speaking about the announcement, Ashish Mehrotra, MD & CEO, Max Bupa Health Insurance said, “At Max Bupa, the customer is at the center of everything we do and it is our constant endeavor to design products and solutions that fulfills 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 hospitalization 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. Our alliance with MobiKwik fortifies our commitment to make quality health insurance products more affordable and accessible to millions of 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 1 million Mobikwik customers over the next 3-4 years”.
Note to editors:
MobiKwik is India’s leading fintech platform, operating businesses in consumer payments, payment gateway, and financial services. The vision of the company is to build accessible and affordable digital financial services for a Billion Indians. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised four rounds of funding from marquee investors including Sequoia Capital, American Express, and Net1.
MobiKwik’s consumer payments network is one of the largest in India with 107 million users, 3 million merchants, and 200+ billers. In the last year, the company has launched 3 new financial services – lending, insurance and wealth for its users and merchants. Earlier in 2018, it launched India’s fastest loan product ‘Boost’, which disburses money in the user’s wallet in 90 seconds. In Oct 2018, the company acquired Clearfunds, one of India’s emerging wealth startups.
About Max Bupa
Max Bupa, a standalone health insurance player in India, is a 51:49 joint venture between Max India Limited, a multi-business corporate in the business of life and care and the Bupa Group, a leading international healthcare company with a legacy of providing specialized healthcare services for over 70 years. Focusing primarily on the Business to Customer segment, the company is an innovation expert with many breakthrough innovations to its credit, including its recently launched digitally enabled comprehensive wellness cum health insurance product GoActive. It markets its policies through a balanced distribution mix of over 26,500 Agents, 11 Bancassurance & Alliance Partners and through online sales. Max Bupa operates in the high potential retail health insurance space which is expected to grow to INR 630 billion by 2025, growing at a CAGR of 22%. For more details please visit https://www.maxbupa.com/
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