India-based health insurer Max Bupa has forged a strategic partnership with fintech firm MobiKwik to sell affordable and convenient bite-sized group health insurance products.
Due to their small and affordable size, bite-sized insurance plans are gradually getting popular among working professionals and millennials who are always on the go.
As part of the partnership, MobiKwik will provide Max Bupa’s bite-sized insurance plans including cancer cover and HospiCash product to its 107 million customers across the country.
Max Bupa’s HospiCash offers for a pre-determined daily allowance on the basis of number of days of hospitalisation of the insured regardless of the actual expense incurred.
HospiCash, whose annual premium priced at INR135 ($1.95), offer INR500 ($7.23) per day hospital allowance for up to 30 days in a year.
In case, the insured is admitted to an ICU, the amount paid to the policyholder will be twice the daily hospitalisation cash benefit.
Furthermore, the policyholders can avail accidental death cover of INR100,000 ($1,447) paid to the nominee if the insured unfortunately dies in an accident.
MobiKwik co-founder Upasana Taku told the Hindu Business Line: “With this Max Bupa partnership, we are bringing together the power of protection and digital to provide affordable health insurance to millions of Indian families.”
Max Bupa Health Insurance managing director and CEO Ashish Mehrotra told the publication: “We are enabling financial inclusion by making pocket size health insurance solutions available through the Mobikwik platform and plan to acquire one million Mobikwik customers over the next 3-4 years.”