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This affordable insurance product is intended to democratise the insurance buying process and create customer delight by providing relevant solutions with a single click.
Good news for those looking to buy insurance! They now have yet another option that they can look at to save money as well as get money in case of unfortunate events coming to pass. With an aim to ensure higher penetration of insurance products at lower prices and thereby, increase choice to customers as well as democratise insurance, Edelweiss Tokio Life Insurance has announced an with Mobikwik. This will provide a compelling product proposition digitally to the new generation. This policy is customised only for the MobiKwik platform users and it won't be available in the open market. So, whoever is using the MobiKwik platform can buy this customised affordable insurance policy.
Edelweiss Tokio Life will offer Group insurance in the variants of Rs 1 lakh, Rs 3 lakhs, and Rs 5 lakhs through Mobikwik’s wallet app and website. The cover can be availed for an annual premium of Rs 148, Rs 443, and Rs 738 respectively. the JV offers a slew of bite-size insurance products in group insurance solutions with easy instant policy issuance and no paperwork.
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Commenting on the association Sumit Rai, MD & CEO, Edelweiss Tokio Life said, “With the increased adoption of mobile technologies and internet penetration, leading FinTech players like Mobikwik have become strategically crucial in improving reach and access of insurance products to the end customer. This will also help us democratise the insurance buying process and create customer delight by providing relevant solutions with a single click.”
Upasana Taku, Co-Founder, MobiKwik said, “The insurance penetration in India is close to 3.7 per cent of the GDP and there is a huge potential ready to be tapped, more so with the exponential increase in the adoption of smartphones and penetration of the internet. This presents a vast opportunity for digital Insurance to the mass market which has been ignored by banks, distributors and even online companies owing to high distribution cost."
She underlined the importance of the new product for the consumers by saying, "Today such under-banked customers are looking for sachet-size mobile insurance solutions which are affordable, simple to understand, and easy to buy from a handheld device without paperwork."
She concluded by saying that these small ticket size group insurance policies will enable Middle India to be able to afford the same.
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