A new Term Life insurance Policy Plan has been launched with the assured sum of up to Rs 20 lakhs and premiums starting from as low as Rs 149 per annum. The beneficiaries can avail this policy without any medical test.
PhonePe has announced the launch of a Term Life Insurance plan on its platform in association with the ICICI Prudential Life Insurance Co Ltd. The policy can be availed instantly without any documentation, just by using the digital PhonePe app.
"With this launch, millions of PhonePe users can now protect their families from financial turmoil in the event of an untimely demise," said PhonePe in its statement.
"India's population has an insurance penetration of just 2.73 per cent. Lack of awareness, confusion about the myriad paperwork, and sub-optimal experience with the hassle of a health check has 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.
As for the eligibility and the procedure for availing the policy, PhonePe has provided the information for the same.
Eligibility
-The policy can be availed by only PhonePe users.
-The policy applies to users between the age of 18 and 50 years.
-The policy is applicable for those with an income of Rs 1 lakh per annum or above.
How to get this Insurance policy
-The PhonePe users can avail this insurance in a few simple steps.
-In the 'My Money' section of the app (both Android & iOS), the user can visit the 'Insurance' section and proceed by tapping the 'Term Life Insurance'. They can then select the sum they would like to be insured for.
-The user needs to provide basic details and add their nominee. They can complete the process by instantly paying through the PhonePe application.
Zee Business quoted VP & Head of Insurance of PhonePe, Gunjan Ghai, as saying, "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."
