PhonePe’s customers aged 18 to 50 years and earning Rs 1 lakh per annum or above can avail this policy immediately on the platform. Furthermore, without having the hassle of the usual overall health verify-up, and with zero paperwork, this policy insures the user for a sum ranging from Rs 1 lakh to Rs 20 lakh, based on the premium quantity, and can be renewed seamlessly upon expiration on the PhonePe app.
Users of PhonePe can acquire their term life insurance coverage in a couple of basic actions. In the “My Money” section of the app (each Android & iOS) they can stop by the “Insurance” section and proceed by deciding on ‘Term Life Insurance’ and choose the sum they would like to be insured for. After offering fundamental specifics of the particular person getting insured and their nominee, the user can comprehensive their acquire by paying immediately on the web by means of PhonePe.
India’s population has an insurance coverage penetration of just 2.73%. Lack of awareness, confusion about the myriad paperwork and sub-optimal expertise with the hassle of a overall health verify, have been the important motives for this difficulty. This is specially correct for Indians in tier 2 cities and beyond. PhonePe with its 250 million+ user base aims to enhance awareness and penetration of term life insurance coverage items and resolve this sector-wide problem.
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Commenting on the launch, Gunjan Ghai, VP & Head of Insurance at PhonePe mentioned,
“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.”