Digital payments company PhonePe has announced the launch of Term Life Insurance plans on its platform, in association with ICICI Prudential Life Insurance. With this launch, PhonePe users can now protect their families from financial turmoil in the event of an untimely demise. The company is offering plans for a premium of as low as Rs 149 per annum. PhonePe says that an insurance policy can be availed instantly via the app without any health check-ups and paperwork.
PhonePe further notes that India’s insurance penetration is about 2.73 percent, mainly due to lack of awareness and confusing paperwork. It is said that the problem is more prevalent in tier 2 cities and beyond, where a large population of the country resides. Therefore, the digital payments company that has over 250 million user base hopes to bridge the gap. It adds that PhonePe users aged between 18 to 50 years and earning Rs 1 lakh per annum or above can avail this policy instantly on the platform. Furthermore, without the hassle of the usual health check-up, and with zero paperwork, this policy insures the user for a sum ranging from Rs 1 lakh to Rs 20 lakhs, depending on the premium amount. Other insurance plans can also be renewed upon expiration on the PhonePe app.
Speaking over the launch of Term Life Insurance plans, Gunjan Ghai, Head of Insurance at PhonePe said, “Insurance as a product has remained largely unpenetrated in India especially in the geographies, age and income groups that need it the most. Prohibitive costs of creating awareness and then the cost and effort of distributing the right ticket size term insurance product are largely responsible for this issue. We at PhonePe are excited to partner with ICICI Prudential to help solve this problem and also to help our user base with a unique product specially tailored for their needs.”
PhonePe users can obtain their term life insurance in a few simple steps. In the ‘My Money’ section of the app (both Android and iOS) users can visit the ‘Insurance’ section and proceed by selecting ‘Term Life Insurance’ and select the sum they would like to be insured for. After providing general details and their nominee information, the user can complete the purchase by paying instantly online through the app.
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