Insurance is one of the most vital products, equally important for a provider and a consumer. For a buyer, insurance is a safety net that can secure them and their family from anything unplanned and irreversible. For MobiKwik, insurance is another step closer towards its mission, ‘Building for भारत’ i.e. to build affordable and accessible financial services for a billion Indians.
After successful launch of Life & General Insurance products, MobiKwik, in partnership with the leading insurance player Max Bupa, announced the launch of its first Health Insurance product- Hospital Cash. It is a curated product for reimbursement of hospitalization costs, targeted towards Indian masses who are either not covered by any mediclaim or wish to buy an additional cover.
Unlike most Health Insurance products in the market, this revolutionary product covers the user at any hospital of their choice (and not just a network hospital) and for the pre-defined daily allowance (regardless of the actual spends). The digital Hospital Cash Insurance requires no physical documentation or mediclaim and is issued instantly on the MobiKwik app in just two clicks. It’s only been six months since we’ve entered the insurance segment and have already been selling 90,000-100,000 policies a month.
Why Hospital Cash cover stands out in the Health Insurance industry?!
- Can be purchased at less than ₹ 1 per day
- Covers the hospitalization expenses of the insured from INR 500 to INR 2000 per day for a maximum of 30 days
- Ensures the payment of predetermined amount which will be paid irrespective of the actual cost of treatment
- Can be availed at any hospital irrespective of the network
- Doubles the per day benefit in case the policy holder is admitted to the ICU
- Includes an inbuilt Accidental Insurance cover of INR 1 lakh
India needs a truly disruptive approach to ensure that health care is available to every citizen at a low premium cost, without fear of medical exams and piles of paperwork. That is exactly what Hospital Cash insurance caters to. The Hospital Cash policy is issued within a few hours of applying and requires no documentation or pre-medical exam.
A single hospital stay without any insurance cover becomes a long lasting financial burden on many lower and middle class families. Insurers have products for individuals who have monthly income of INR 40,000 and above. MobiKwik, thereby launches a product that reaches out to every strata of the society.
We are committed to launching smart insurance products that are affordable, and simple to understand with lightning fast purchase experiences. With this Max Bupa partnership, we are bringing together the power of protection and technology to provide affordable health insurance to millions of Indian families.
With this unique product, MobiKwik now becomes the first Indian company to have successfully launched and enrolled customers under its full stack of financial services – wallet, UPI, lending, insurance, investments in mutual funds and gold.