Aegon Life launches term-cover at Rs 20 premium

Private sector Aegon Life Insurance has launched a digital insurance product offering a Rs 2 lakh term insurance and accidental disability cover for a premium as low as Rs 20. Buyers have the option to choose from three sums assured variants of Rs 1 lakh, Rs 1.5 lakh and Rs 2 lakh, which are bundled with an additional Rs 1 lakh, Rs 1.5 lakh and Rs 2 lakh of accident disability, at no additional cost, a press release said.

The customer can choose a premium of Rs 20, Rs 30 and Rs 40 for the above-insured sum respectively. The insurer also said the product will be available only on the fintech player Mobikwik as it has entered into an exclusive tie-up for distribution and the plans would be available on Mobikwik app only.

"The association with Mobikwik further fortifies our commitment to provide innovative and need-based insurance solutions to everyone via the online channel," Aegon Life managing director and chief executive Vineet Arora said in a statement. Aegon Life is amongst the first companies to launch an online term plan in the country.

MobiKwik operates businesses across consumer payments, payment gateway, and financial services and claims 107 million users, 3 million merchants, and over 200 billers on its platform.