MobiKwik & Chola MS target the real Bharat with Rs 20 insurance
● Pay INR 20 annually & Get Rs. 100,000 Personal Accidental Insurance
● Offering includes Personal Accident cover with both Death and Permanent Disability benefit
Gurgaon, 25 July 2019: MobiKwik, in association with Chola MS has rolled out first-of-its-kind general insurance product in the Personal Accident category. The offering begins with a cover of Rs. 1 lakh available for an annual premium as low as INR. 20/-. The product can be purchased on the Mobikwik app with a simple 2-step process that takes 10 seconds. The policy is issued instantly.
Users have an option to increase the sum insured to INR 3 lakhs and INR 5 lakhs with annual premiums of INR 60 and INR 100 respectively. The claim process is very easy to understand and follow. In the event of an accident, the policy holder or the registered nominee can directly contact Chola MS to register their claim. Thereafter, the payout will be made directly to the beneficiary, after due verification.
Speaking on the partnership, Upasana Taku, Co-Founder, MobiKwik said, “India continues to be grossly under-penetrated market, with a non-life penetration of less than 1 percent. General insurance distribution and adoption outside large cities is poor for reasons of access, awareness, appreciation of need, and affordability. Through our first bite-sized general insurance offering, we are looking to introduce first-time buyers to insurance, and helping them along their journey beyond basic financial services.”
She further added, “Over the past 9 years, Mobikwik has designed products that are aimed at transforming the financial landscape and driving financial inclusion in India. This partnership and product introduction are in line with our vision to bring about an impactful change in the way financial services are distributed in India. With these micro-insurance products and other personalized offerings in the future, we are confident of disrupting the general insurance market.”
Speaking on this occasion, SS Gopalarathnam, Managing Director of Chola MS said “We are excited to be part of this digital distribution journey. Mobikwik’s ability to reach out to its tech-savvy customer base will help this partnership offer innovative and affordable insurance products. The overall changing landscape gives everyone an opportunity to think and act differently. Providing solution to the unpenetrated segment across personal lines of business will be the priority. In addition to this, unique and customized solution will be co-created based on cohorts that we frame using artificial intelligence and machine learning. Serving millennials is the next big opportunity and we are fully geared to serve them the way they wish to be served. Going forward, the entire customer life cycle journey of buying, modifying, renewing and claiming process will be digitally enabled. To address the requirements of the dynamic ecosystem, at Chola MS we have created a separate SBU for Digital. This quasi company structure, will bring state of art solutions in quick, Simple and responsive manner.”