Insurance News Details

PhonePe unveils 'pre-approved term life insurance' on its platform

(09-Aug-24   18:54)

PhonePe on Friday announced the launch of a 'pre-approved term life insurance' feature on its platform to promote financial inclusion in India. The feature aims to make insurance coverage more accessible and affordable for millions of Indians by waiving the need for proof of income while purchasing a policy. The new feature eliminates the need for proof of income at policy purchase, making insurance more accessible and affordable.

The company has partnered with leading insurance companies to enable this feature on its platform. By partnering with top insurance companies, PhonePe aims to reach 50 million users by the end of this year, offering term insurance to previously underserved groups, including merchants, gig workers and the self-employed individuals.

With this launch, PhonePe ushers a new era of financial inclusion in India by making insurance products inclusive with the added advantage of quick and convenient access to life insurance coverage, without requiring extensive income verification.

This partnership also supports insurance providers to now serve more users, specifically over 30 million individuals, who previously could not avail benefits of term insurance due to the lack of income proof.

Vishal Gupta, CEO at PhonePe Insurance Broking Services, said 'We are excited to announce the launch of the 'pre-approved sum assured (PASA)' feature on our platform. This launch is aimed at bringing the previously under-served customers into the term life insurance net by making the products more accessible and affordable to Indians across various socio-economic strata.'

'By partnering with industry leaders and collaborating with them deeply we are able to simplify user experience and deliver tailor-made offerings that are industry-leading and solving for specific cohorts in an inclusive manner. Our mission is to drive insurance adoption in the country by making the insurance buying process simple, easy, and affordable for all,' Gupta added.

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