Indian fintech company MobiKwik has collaborated with Aegon Life Insurance to introduce a smart digital insurance product for its wallet users.

The new offering, Aegon Life Group Term Plus Plan, will provide death as well as accident related disability cover for up to INR200,000 ($2863.50) to MobiKwik’s wallet users.

Mobikwik has created three variants of the sum assured between INR100,000 ($14.3155), INR150,000 ($2174.32) and INR200,000 ($2863.50) at a premium of INR20, INR30 and INR40 depending on the protection amount.

The plans are bundled with an additional INR100,000, INR150,000 and INR200,000 of accident disability, without any extra premium.

Aegon Life Insurance managing director and CEO Vineet Arora said: “Digital has always been intrinsic to our DNA. Being Direct-to-Customer, we wanted to be closer to our customers and design offerings that are better suited to their needs.

“This association with MobiKwik further fortifies Aegon Life’s commitment to provide innovative and need-based insurance solutions to everyone via the online channel.

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“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.

“With this partnership, we expect to expand the reach for term insurance solution and avoid procrastination to become an excuse for not securing yourself and your loved ones.”

MobiKwik co-founder and COO Upasana Taku said these products are designed inline with our vision to impact ‘Bharat’ and improve the insurance penetration in India which is currently 3.7%.

The insurance policy is issued instantly upon the payment of premium by the customers.