Mobikwik and Edelweiss Tokio Life Insurance have joined hands to distribute bite-sized insurance policies, said a joint press release issued by the companies.
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.
Edelweiss Tokio Life will offer group term insurance with sum assured of Rs. 1 lakh, Rs. 3 lakh and Rs. 5 lakh through Mobikwik’s wallet app and website. The cover can be availed for an annual premium of Rs.148, Rs.443, and Rs.738 respectively.
Sharing the rationale, Upasana Taku, Co-Founder, MobiKwik said, “Most under-banked customers are looking for sachet-size mobile insurance solutions which are affordable, simple to understand and easy to buy from a handheld device without paperwork. Keeping this in mind, we have rolled out small ticket size group insurance policies in association with Edelweiss Tokio Life to enable middle India to be able to afford the same.”
Seconding her views, Sumit Rai, MD & CEO, Edelweiss Tokio Life said, “This will also help us democratise the insurance buying process and create customer delight by providing relevant solutions with a single click.”
