With the launch of the new product, PhonePe aims to provide instant term life insurance to its users and improve awareness of hassle-free insurance in India.
Digital payments platform PhonePe has announced the launch of Term Life Insurance plans, in association with ICICI Prudential Life Insurance Co Ltd. With this launch, PhonePe users can avail insurance instantly on the PhonePe app without any health check-ups and paperwork.
All of PhonePe’s users aged 18 to 50 years and earning INR 1 lakh per annum or above can avail this policy 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 INR 1 lakh to INR 20 lakhs, depending on the premium amount, and can be renewed upon expiration on the PhonePe app.
Commenting on the launch, Gunjan Ghai, VP & 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.”