Mobikwik and Max Bupa Health Insurance have joined hands to distribute bite-sized insurance policies to working professionals and millennials.
Bite-sized insurance policies are simple, easy to understand and come with standard features. These policies are distributed over-the-counter having pre-defined benefits such as Pradhan Mantri Bima Yojana and Pradhan Mantri Suraksha Yojana.
Currently, Max Bupa offers two policies with Mobikwik – HospiCash in which policyholders get Rs.500 daily to take care of day-to-day expenses incurred during hospitalization and Lump Sum Benefit where policyholders get lump sum amount of Rs.10,000 for the treatment of common ailments such as dengue, chikungunya, malaria and so on.
At a premium of Rs.135, HospiCash provides for a pre-defined daily allowance basis the number of days of hospitalization irrespective of the actual expenses incurred by the customer. HospiCash offers Rs. 500 per day hospital allowance for up to 30 days in a year to a customer. If admitted to an ICU, the amount receivable by the policyholder is twice the daily hospitalization cash benefit.
Through lump sum benefit policy, Max Bupa will also offer lumpsum payout of Rs.10,000 for Vector Borne Diseases like Dengue, Chikungunya, Malaria, Japanese Encephalitis and Lymphatic Filariasis. The company has kept the premium amount of this policy at Rs.49.
Both the policies offer accidental death benefits of Rs.1 lakh.