New Delhi: Aditya Birla Health Insurance Co Limited (ABHICL), the health insurance subsidiary of Aditya Birla Capital Limited (ABCL), a significant non-bank financial services conglomerate, today announced its strategic alliance with MobiKwik, India’s leading fintech platform to offer simple sachet health insurance products to a Billion Indians. Through this partnership, ABHICL and MobiKwik are looking to expand their markets, creating affordable insurance solutions for mobile-first Middle-class Indian consumers who have previously never had access to insurance.
The first product launched under this partnership on MobiKwik platform is an innovative Cancer Protect Cover. The innovative cancer plan offers the most comprehensive protection from the diagnosis of all major stages of cancer. The policy’s unique protection cover allows guaranteed cash value, guaranteed savings benefits to ensure adequate protection as well as value-added services to promote preventive care.
The cancer-protect cover covers all major stages of cancer with a 100 per cent payout and includes a larger age group of 18 to 60 years. With a one-year tenure, this can be bought for as little as Rs 125, for a sum insured of Rs 1.5 lakhs. Users have other options for increased sum insured to choose from: Rs 4.5 lakhs and Rs 7.5 lakhs with annual premiums of Rs 375 and Rs 625 respectively.
No paperwork needed - No medical required
Immediate policy issuance at an affordable premium
Fully digitally-enabled buying journey- buy health insurance in just 2-clicks
The policy provides cover for breast, cervical, oral cavity, lung, and colorectal which accounts for 47.2 per cent of all cancers in India
Users can buy two policies of 7.5 lac and avail the cover of 15lac
With the aim of eradicating cancer among those who are prone, this policy also covers smokers without asking for medical documents
Aditya Birla Health Insurance will also offer unique covers such as heart secure, and accidental hospitalization, using MobiKwik as a platform.
Speaking on the announcement, Mayank Bathwal, CEO, Aditya Birla Health Insurance Co, Ltd. said, “At Aditya Birla Health Insurance, our endeavor is to provide need-based health insurance solutions to our trusting customers. Through this partnership with MobiKwik, we intend to make health insurance affordable for millions of Indian families. We believe a convenient customer journey supported by accessible digital purchase, and a simple claims procedure, can enhance customer experience, and that MobiKwik is the right partner in helping deliver a seamless customer experience alongside customized products.”
Upasana Taku, Co-Founder, MobiKwik, said, "Against the backdrop of the rising number of cancer cases, we have introduced affordable insurance plans for users as they navigate in their fight against illness. The Cancer Protect plan bolsters MobiKwik's commitment to support India’s healthcare needs, and enables financial inclusion for millions of Indian families, threatened by any kind of cancer.”
She further added, “We are excited about our partnership with ABHICL for Health Insurance and have worked together to bring this super-simple Cancer Protect product to the market with a fully digital purchase process and no medical required.”
Both the number of cancer cases, and healthcare costs inflation in India, are rising at a fast clip. According to National Health Profile, 2019 data, cases of common cancer, including oral, cervical and breast cancer, diagnosed at state-run NCD clinics increased by nearly 324 per cent between 2017 and 2018.
In 2018, out of 6.5 crore people who visited these clinics for screening, 1.6 lakh were diagnosed with one of these common cancers, compared to 39,635 cases detected in 2017. In 2018, out of 6.5 crore people who visited these clinics for screening, 1.6 lakh were diagnosed with one of these common cancers, compared to 39,635 cases detected in 2017.
For a few years, the health ministry has been focusing on the National Program for Prevention and Control of Cancer with the aim to control and prevent this disease. India is still an under-penetrated market for health insurance, at a mere 15 per cent coverage. Affordability is a clear issue, and by introducing affordable cancer care cover, MobiKwik wants to play its role in enhancing health insurance coverage in the country.
About Aditya Birla Health Insurance Co. Limited, an Aditya Birla Capital Limited company Aditya Birla Health Insurance Co. Limited (ABHICL), a subsidiary of Aditya Birla Capital Ltd (ABCL), is a joint venture between Aditya Birla Group and MMI Holdings of South Africa. ABHICL was incorporated in 2015 wherein Aditya Birla Capital Limited (ABCL) and MMI Strategic Investments (Pty) Ltd. hold 51% and 49% shares respectively. ABHICL commenced its operations in October 2016 and is engaged in the business of health insurance. Company’s current product portfolio includes unique offerings including chronic care and incentivized wellness.
As on Q1 FY19-20 end, ABHICL recorded a gross premium income of Rs. 143 Cr has covered more than 3.7 Mn lives. ABHICL has nation-wide distribution presence in over 850 cities through branches and partner offices, 10 bancassurance partners and over 20,500+ direct selling agents....