Life insurance policy plan from Rs 149 annual premium! Assured sum of up to Rs 20 lakhs - All details here
A Term Life Insurance Policy Plan has been launched that starts from Rs 149 per annum.
A Term Life Insurance Policy Plan has been launched that starts from Rs 149 per annum. And, users can avail the policy instantly, without any medical tests with an assured sum of up to Rs 20 lakhs. Digital payments platform, PhonePe has announced the launch of Term Life Insurance plans on its platform, in association with ICICI Prudential Life Insurance Co Ltd. The premiums start from as low as Rs 149 per annum. This policy can be availed instantly on the PhonePe app without any health check-ups and paperwork through an all digital customer experience.
"With this launch, millions of PhonePe users can now protect their families from financial turmoil in the event of an untimely demise," PhonePe said in a statement.
"India’s population has an insurance penetration of just 2.73%. Lack of awareness, confusion about the myriad paperwork and sub optimal experience with the hassle of a health check, have been the key reasons for this problem. This is especially true for Indians in tier 2 cities and beyond. PhonePe with its 250 million+ user base aims to improve awareness and penetration of term life insurance products and solve this industry wide issue," PhonePe added in a statement.
Eligibility?
- All of PhonePe’s users aged 18 to 50 years and earning INR 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 ₹1 lakh to ₹20 lakhs, depending on the premium amount, and can be renewed seamlessly upon expiration on the PhonePe app.
How to get the insurance?
- Users of PhonePe can obtain their term life insurance in a few simple 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.
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.”
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
06:06 PM IST