Max Bupa on June 26th 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. 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.
Speaking about the announcement, Ashish Mehrotra, MD & CEO, Max Bupa Health Insurance said, “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.”
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 Bharat’. Bharat needs a truly disruptive approach to ensure health coverage 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.”
In keeping with this emerging trend, Max Bupa in association with Mobikwik will offer a slew of innovative offerings, including a Cancer cover at a 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 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 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 a 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.