PhonePe Launches India’s First Health Insurance Platform with Monthly Subscriptions
NATIONAL, July 18th, 2023 – PhonePe Insurance Broking Services has taken a major stride in the Indian insurance market with the launch of its innovative health insurance platform offering comprehensive coverage in collaboration with leading insurers. The most distinctive feature of these health insurance plans is the introduction of the UPI monthly payment option, making insurance more affordable and accessible for customers.
PhonePe has been an influential force in driving insurance penetration across the country, having successfully sold over 5.6 million policies to date. Their insurance platform has already reached 98% of India’s PIN codes and delivered more than 200 million vehicle insurance quotes, showcasing their widespread presence and impact.
With the newly launched health insurance plans, customers can avail themselves of coverage of up to Rs. 1 crore, and the freedom to select any hospital room without any financial cap or limit. Moreover, users can benefit from unique features like a bonus cover of up to 7 times the base cover amount for every claim-free year. PhonePe Insurance Broking ensures that users are fully supported throughout their insurance journey with pre and post-sales assistance, helping them make informed decisions, file claims, and access other essential services.
Hemant Gala, Vice President Financial Services at PhonePe, expressed his excitement about the launch, stating, “One of the biggest barriers in buying Health Insurance has been affordability and we have solved the same by creating India’s first Health Insurance marketplace focused on monthly payments. We believe this will drive deep penetration with users being able to pay in monthly subscriptions with a much lower financial burden.”
The process of purchasing Health Insurance on PhonePe is designed to be simple and convenient. Users can follow these easy steps:
- Enter basic details for all the members they wish to insure.
- Proceed to the quotes page, select the desired quote, and proceed to the next page to enter personal and health details.
- Review the information and either set up a monthly mandate or choose to pay annually.
PhonePe’s pioneering move in introducing health insurance plans with monthly subscriptions through UPI payments is expected to make a significant impact on the insurance landscape in India, making insurance more accessible to a wider section of the population. The company’s strategic collaboration with multiple leading insurers further strengthens its position in the market as a go-to platform for comprehensive insurance solutions.
