In a bid to expand its services, the digital payments company MobiKwik has announced the launch of one of the first types of microinsurance product on its app. In association with ICICI Prudential Life Insurance, the app is offering a life insurance cover of Rs 1 lakh for a monthly premium as low as Rs 20.

This is the brand's second insurance product after the accidental insurance that it had launched in November 2018. The accidental insurance also comes with a cover of Rs 1 lakh a year at a premium of Rs 20 per month.

Options available:

Customers can choose from

• Sum assured of Rs 1 lakh for Rs 20 per month
• Sum assured of Rs 1.5 lakh for Rs 30 per month
• Sum assured of Rs 2 lakh for Rs 40 per month

How to get one?

You can buy the insurance online over the MobiKwik app. It is a paperless 2-step process that takes as less as 10 seconds and the policy is issued instantly.

MobiKwik will be extending its base of insurance providers in this category and is exploring associations with other leading insurance providers. It will be adding curated products based on customer profile and will offer personalized products rather than 'one size fits all'.

The customer will be suggested an appropriate insurance product based on their existing profile, advanced data analytics, and an artificial intelligence algorithm.