PhonePe has more than 25 crore users across the country.
PhonePe users will now be able to ensure the financial certainty of their family due to any untoward incident at just Rs 149. Digital payment platform PhonePe has announced term life insurance plans on its platform in association with ICICI Prudential Life Insurance. Its premium starts at just Rs 149 per year and PhonePe users will be able to buy immediately on the PhonePe app without any medical examination and paperwork. The term insurance plan is a complete protection plan with no maturity benefits. The sum assured is paid to the nominee on the death of the policyholder during the policy term.
In India, only 2.73 percent people have insurance cover. Due to lack of awareness and the mess of paperwork, people have less inclination towards insurance. In such a situation, this initiative of PhonePe can increase the reach of the insurance sector. PhonePe has more than 25 crore users across the country.
Minimum annual income of 1 lakh required
PhonePe users have also set certain conditions for purchasing this policy. Under this, only the Phonepe users aged 18-50 years, whose annual income is Rs 1 lakh or more, can take this policy. Without any health check-up and paperwork, users can take a policy ranging from 1 lakh to 20 lakh. After expiry, it can also be renewed easily through PhonePe app.
Buy policy like this
Users can easily avail this insurance policy through PhonePe app. You can get yourself insured immediately by paying through the app online.
- Click the My Money section of the PhenPe app on Android and iOS.
- Click on Insurance.
- Click on Tern Life Insurance.
- Select the amount to be insured.
- Fill in basic details for yourself and the nominee.
- You can buy a policy by instant online payment through PhonePe.