StepSetGo (SSG), a health and fitness industry disruptor, will not just take care of your fitness needs, but will now cover your medical insurance too! In partnership with Symbo Insurance, a leading insurtech firm, SSG has launched a unique, budget-friendly health insurance on its app that offers users an opportunity to avail cashback based on their fitness activities.
Users can choose between two insurance coverages, INR 3 lakhs and INR 5 lakhs and to make the already low price of the insurance even more affordable, they can earn back their premium by completing monthly step-based challenges.
Commenting on the launch, Shivjeet Ghatge, CEO and Co-Founder, StepSetGo, said, “The launch of this health insurance on our app is a game-changer for the fitness industry. By linking our users’ fitness goals with cashback incentives, we can achieve two objectives. The first is the availability of affordable insurance for our users which is essential in ensuring that they have access to critical care when required. The second is further incentivising our users to follow a healthy lifestyle.”
These incentives are awarded as monthly cashback and a maximum of 25% of the price of the premium can be earned back by meeting their step goals. For example, any user who completes 60,000 steps in a month (an average of 2000 steps daily) earns a minimum of 10% cashback. To claim 25% cashback, the user must complete 4,50,000 steps per month (15,000 daily steps on average). Users can also keep track of the total steps completed and how much cashback they have earned. This will further motivate them to stay consistent as they can see how far they have come.
Adrit Raha, Co-Founder and Co-CEO, Symbo said, “We have relentlessly strived towards changing the way insurance is consumed in India. With this collaboration, we have taken a step towards encouraging a healthy lifestyle along with the benefits of health insurance. This will bring in an agile and seamless ecosystem for users to get their insurance with a chance of redeeming their premiums back in a holistically healthy way. We are aiming to further enhance the embedded insurance adoption amongst people by offering insurance on innovative and small-ticket products.”