PhonePe, India’s digital payments platform, today announced the launch of Term Life Insurance plans on its platform, in association with ICICI Prudential Life Insurance Co Ltd.
According to the official release, with this launch, millions of PhonePe users can now avail of term life insurance starting from ₹149 per annum.
This policy can be availed instantly on the PhonePe app without any health check-up and paperwork through an all-digital customer experience, PhonePe noted.
The report noted that India’s population has an insurance penetration of just 2.73 per cent and PhonePe, with its over 250 million user-base, aims to improve awareness and penetration of term life insurance products.
All of PhonePe’s users aged between 18 and 50 years and earning ₹1 lakh per annum or above can avail of this policy instantly on the platform.
Furthermore, this policy insures the user for a sum ranging from ₹1-₹20 lakh. The sum depends on the premium amount, and can be renewed seamlessly upon expiration on the PhonePe app, the report added.
Commenting on the launch, Gunjan Ghai, VP & Head of Insurance at PhonePe said in the official release: “Insurance as a product has remained largely unpenetrated in India especially in the geographies, age and income groups that need it the most…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.”
Steps to avail term insurance plan
Users of PhonePe can obtain their term life insurance in a few steps. In the My Money section of the app (both Android & iOS) they 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 basic details of the person being insured and their nominee, the user can complete their purchase by paying instantly online through PhonePe.
