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PhonePe launches health insurance platform with monthly subscriptions in India

By Gloria Mathias

July 19, 2023

  • Digital Payments
  • Domestic Payment
  • FinTech
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PhonePe, FinTech, Digital Payments, Insurance Platform, Monthly Subscriptions, Digital Payments, UPI, Insurance BrokingPhonePe Insurance Broking Services has announced the launch of health insurance plans offering insurance in partnership with leading insurers.

The PayTech firm claims to have sold more than 5.6 million policies till date. The Insurance platform has also sold policies across 98% of India’s PIN codes and has served over 200 million vehicle insurance quotes. The introduction of the UPI monthly mode of payment makes the platform affordable for customers.

PhonePe health insurance plans offer coverage of up to INR 1 crore, allowing users to choose any hospital room without any cap/limit. A user can also avail of innovative features like a bonus cover of up to 7 times the base cover amount for each claim-free year. The Health Insurance plans offered by PhonePe Insurance Broking are accompanied by pre-and post-sales assistance to help users make informed decisions, file claims, and access other services.

Hemant Gala, Vice President of Financial Services at PhonePe said, “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.’’

A user guide for purchasing health insurance on PhonePe:

  • Enter basic details for all the members you want to insure.
  • Proceed to the quotes page, select the desired quote, and move to the next page to enter personal and health details.
  • Review the information and either set up your monthly mandate or pay annually.

PhonePe Insurance Broking Services is a wholly owned subsidiary of PhonePe Pvt. Ltd. and is registered with IRDAI as a Direct Broker (Life and General)

PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants. The company has successfully digitized offline merchants spread across Tier 2,3,4 and beyond, covering 99% of pin codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform.

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