• About
  • Contact
Saturday, January 23, 2021
Next Big Brand
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview
No Result
View All Result
Next Big Brand
Home Internet

MobiKwik Pairs With ICICI to Offer Instant Life Insurance For Rs. 20

Sourav by Sourav
February 22, 2019
in Internet, Startup
2 min read
0
mobikwik
Share on FacebookShare on Twitter

MobiKwik has partnered with ICICI Prudential Life Insurance Company in order to offer a micro-insurance product exclusively on its app. Now, users of MobiKwik can Insure their lives for just 20 INR, and gain a cover of 1 Lakh INR. Micro-insurance is a heavily growing space in India. Ola also recently announced the availability of Life cover and Accidental death cover on its app.

Users have three options to choose from, depending on the kind of cover they want and the kind of premium they want to pay. A monthly premium of 30 INR gives users a cover of 1.5 lakh, while 40 INR gives users a cover of 2 Lakhs. This is not the first micro-insurance offering from MobiKwik. The brand had announced that it will be offering Accidental Death cover way back in November 2018. This micro-insurance policy had received a great response from the users of the app, which is probably what has inspired them to expand in this territory further. The accidental death cover offers a cover of 1 Lakh for a premium of Rs 20.

When asked about the same, Upasana Taku, one of the founders of MobiKwik, responded saying “Over the past 9 years, Mobikwik has designed products that are aimed at transforming the financial landscape and driving financial inclusion in India. Our foray into the life insurance category is in line with our vision to bring about an impactful change in the way financial services are distributed in India. As per a recent report by ASSOCHAM released in partnership with a research firm called APAS, the insurance industry in India is expected to reach $280 billion by 2020. The report also states that the life insurance industry in the country is expected to grow by 12-15 percent annually for the next three to five years.”

The Deputy Managing Director of ICICI Prudential Life Insurance, Puneet Nanda, was also asked about the same. He said “The paperless onboarding process paves the way for MobiKwik’s large user base to purchase life insurance. Customer centricity is the core philosophy of both organisations and we look forward to a long and mutually beneficial relationship.”

Why is the micro-insurance space growing so rapidly?

Interestingly, micro-insurance is growing quite rapidly, in spite of the fact that the insurance covers are not that high. However, one cannot view the importance of this form of insurance through a privileged lens. This is mainly designed for lower-income families to be able to take care of their loved ones, without having to invest a very high premium every month. Older reports from IRDA conducted in the years 2010-11 showed that the microinsurance industry in India had generated 2.86 Billion INR during that year. At that time, over 3.65 million policies had been sold, which means that the lives of 18.9 million Indians had been insured that year.

With apps like MobiKwik offering these insurance policies, one can expect a higher distribution of these facilities among more people.

Previous Post

Fast Company Names JioSaavn the most innovative company from India, OYO fares second

Next Post

Zee5 and Dialog Collaborate to Offer content in Sri Lanka

Sourav

Sourav

Excellent story-teller, with a background in SEO and Digital Marketing. Likes to write and give form to opinion and incidents.

Related Posts

Unacademy Acquires Live Learning EdTech Platform NeoStencil
News

Unacademy Acquires Live Learning EdTech Platform NeoStencil

December 31, 2020
Indian Unicorns 2020- Next Big Brand
Case Study

Indian Unicorns 2020: 11 Startups From Pine Labs To Dailyhunt

December 22, 2020
InMobi’s Glance Turn Unicorn In Less Than 2 Years After Funding
News

InMobi’s Glance Turn Unicorn In Less Than 2 Years After Funding

December 22, 2020
Dailyhunt enters local market, acquires LocalPlay
News

Dailyhunt Joins Unicorn Club After Funding From Google, Microsoft & Falcon Edge

December 22, 2020
Pine Labs Is Valued At $2 Billion After Fresh Investment From Lone Pine
News

Pine Labs Is Valued At $2 Billion After Fresh Investment From Lone Pine

December 21, 2020
Zomato Revenue Employees Advertising Business- Next Big Brand
News

Zomato Raises $660 Mn at $3.9 bn Valuation In Hindsight Of IPO

December 19, 2020
Next Post
zee5 logo

Zee5 and Dialog Collaborate to Offer content in Sri Lanka

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

Dream11 IPL 2020- Next Big Brand

IPL Sponsors List- A Huge Market For Brands To Get Viewership

3 months ago
PUBG Alternatives Ban Mobile Global Revenue- Next Big Brand

PUBG Banned- Here Are The Five Alternatives Of The Game

5 months ago
RIL Milkbasket Urban Ladder- Next Big Brand

RIL Is Talks To Acquire Urban Ladder, Milk Basket, Netmeds & TikTok

5 months ago
Elon Musk Net Worth Hits $200 Billion Mark

Elon Musk Net Worth Hits $200 Billion Mark

2 weeks ago

FOLLOW US

  • 22.4k Fans

BROWSE BY TOPICS

2018 League amazon Amazon Great Indian Sale Amazon Prime Apple Apple Inc Automobile Industry Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan facebook Facebook app future group hotstar Indian OTT Platforms Indian Smartphone Market Istana Negara Jio Market Stories Maruti Suzuki National Exam Netflix Netflix India Netflix Originals oppo OTT OYO Realme Reliance Industries Limited Reliance Jio RIL Samsung Tata Motors Tiktok TikTok India TikTok Videos Visit Bali Vivo whatsapp Xiaomi Xiaomi India YouTube
Next Big Brand

We Talk About Brands

Follow us on social media:

Recent News

  • Indigo Paints: Colorful journey of a Lesser Known Paint Brand
  • LifeStyle Video App Trell Starts Social Commerce for its User Base
  • Dips and Sauces Maker Wingreens Farms Acquires Natural Beverage Startup Raw Pressery

Instagram

Follow Me!

Latest News

Indigo Paints: Colorful journey of a Lesser Known Paint Brand

Indigo Paints: Colorful journey of a Lesser Known Paint Brand

January 22, 2021
LifeStyle Video App Trell Starts Social Commerce for its User Base

LifeStyle Video App Trell Starts Social Commerce for its User Base

January 22, 2021
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview

© 2019 NBB. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.