Life Insurance for less than Re 1 per day! Would you believe it? Check this out

Life Insurance: Would you believe that you can get life insurance for less than one rupee a day? But it is possible. Digital financial services platform Mobikwik has today announced the launch of digital life insurance on its app for its users.  MobiKwik has partnered with ICICI Prudential Life Insurance to roll out the first-of-its-kind group micro-insurance product. 

"The offering begins with a life cover of Rs 1 lakh available for a monthly premium as low as Rs 20. The users have an option to choose from three sum assured policies: Rs 1 lakh, 1.5 lakhs and 2 lakhs, available against monthly premiums of Rs 20, Rs 30 and Rs 40 respectively," it said in a statement. 

It said that the Life insurance can be digitally purchased on the MobiKwik app, via a paperless, 2-step process that takes 10 seconds and the policy is issued instantly. "MobiKwik will be extending its base of insurance providers in this category and is exploring associations with other leading insurance providers. Mobikwik will be adding curated products based on customer profile and will offer personalised products rather than 'one size fits all' approach," said the company. 

MobiKwik co-founder Upasana Taku said that the company has entered into the life insurance category with a vision to bring about a positive change in the way financial services are distributed in India. 

“The market is huge and expected to grow rapidly. As per a recent report by ASSOCHAM released in partnership with a research firm called APAS, the insurance industry in India is expected to reach USD 280 billion by 2020. The report also states that the life insurance industry in the country is expected to grow by 12-15 per cent annually for the next three to five years. Our innovative, curated offerings in the insurance domain aim to simplify the process of buying insurance and also make it affordable to a totally untapped set of customers," said Taku.   

Taku said that with these micro-insurance products and other personalised offerings in the future, Mobikwikk will prove to be a disrupter in the life insurance market. 

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MobiKwik user will be suggested an appropriate insurance product on the basis of the existing profile of the customer, advanced data analytics and artificial intelligence algorithm. 

The MobiKwik had launched accidental insurance in November 2018. It offers accidental insurance of Rs 1 lakh for a year for as low as Rs 20, claimed the company.