Payments service provider, MobiKwik, and standalone health insurer, Max Bupa, have partnered to offer bite-sized health insurance products. These easy to buy, over-the-counter kind of policies will be available to MobiKwik's 107 million customers across the country.
These products are aimed at Indians who find it difficult to buy a cover for medical emergencies due to high premium costs. With premiums as low as Rs 20, customers will be able to buy these health insurance covers instantly.
The partnership has launched a HospiCash plan that comes with an annual premium of Rs 135 to provide daily cash allowance of Rs 500 for up to 30 days of hospital stay, irrespective of the actual expense incurred. It also comes with an inbuilt accident insurance cover of Rs 1 lakh. The higher variants of the plan come with an annual premium of Rs 225 and Rs 400 to provide daily cash allowance of Rs 1,000 and Rs 2,000 per day, respectively.
It is also offering a cancer cover on the mobile app at a nominal premium.
Additionally, MobiKwik sells bite-sized insurance policies covering personal accident and fire from gas leak. Life insurance covers are also available for premiums as less as Rs 148 a year.