Life insurance sector only covers about 25 per cent of India's population and the rest 75 per cent of Indians are not covered by any form of life insurance, a Bloomberg report had said. Thus, companies have been aiming to tap the untouched clientele which has vast potential. In one such attempt, Aegon Life Insurance and MobiKwik have joined hands to launch a Rs 20 smart digital insurance product. The strategic partners have announced the launch of the insurance product called the Aegon Life Group Term Plus Plan with both Death and Accidental Disability Benefit. The insurance will be available exclusively through the MobiKwik App. One can purchase this plan by paying as little as Rs 20 in premium for a sum assured of Rs 2 lakhs which includes term insurance and accidental disability.

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"Buyers have the option to choose from 3 Sum Assured variants of Rs 1 lakh, Rs 1.5 lakh and Rs 2 lakhs, which are bundled with an additional Rs 1 lakh, Rs 1.5 lakh and Rs 2 lakhs of Accident Disability, at no additional cost. The policy can be availed at a premium of Rs 20, Rs 30 and Rs 40 respectively and is issued instantly," said the MobiKwik in a statement.

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Vineet Arora, MD and CEO, Aegon Life Insurance said, “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."

Upasana Taku, Co-Founder and Chief Operating Officer, MobiKwik, “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%."

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Taku added that insurance as a vertical has been one of the star performers for MobiKwik.