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PhonePe Launches Term Life Insurance Plans Starting at Rs 149 Annual Premium, How to Access It
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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 y
What private play changed in insurance in 2 decades
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Come 2020, she is selling lakhs of insurance policies at the tap of an app on mobile phones and all it takes is a few minutes to mail the policy document instead of weeks of wait for the policy to arrive by the unpredictable India Post to shove it to safety in the steel cupboard.
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With insurers such as ICICI Pru Life, HDFC Life, ICICI Lombard and GIC Re getting listed, investor interest is gathering momentum as well.
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About a quarter of a century ago when a budding finance executive at