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PhonePe & Star Health Insurance bring monthly insurance payment options

By Gloria Mathias

April 04, 2024

  • Digital Payments
  • FinTech
  • Fintech India News
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PhonePe, FinTech, Digital Payments, Insurance Platform, Monthly Subscriptions, Digital Payments, UPI, Insurance Broking, Income Tax Payments, India, credit, Credit score, Credit management, India, Indus Store, Celebrity Voice Feature, Regional Payments, Star Health Insurance, Insurance payments, PhonePe has partnered with Star Health and Allied Insurance Company, India’s retail health insurance company, to offer customers health insurance with a monthly and annual payment option.

Through this partnership, Star Health Insurance’s Comprehensive Health Insurance will be offered to customers with a monthly premium payment plan, pioneered by PhonePe. Users can also opt to pay their premium with the UPI AutoPay mandate and enjoy added convenience. This move was driven by a critical insight that smaller monthly payments ease the financial burden for users while empowering and enabling them to opt for more extensive insurance coverage without stretching their finances.

Star Comprehensive Health Insurance Policy is an end-to-end health insurance policy with a sum insured available up to Rs.1 crore. The policy covers road ambulance and air ambulance expenses, out-patient medical consultation up to the limits, out-patient coverage for dental and ophthalmic treatment, delivery expenses, and organ donor expenses, provides coverage for newborn babies, including any congenital disorders, from day one of birth and vaccination expenses of the newborn until the baby completes one year. Mental well-being is covered up to the sum insured.

Vishal Gupta, CEO of PhonePe Insurance said, “PhonePe is excited about this partnership with Star Health. Star’s differentiated benefits combined with PhonePe’s distribution, customer-centric approach and simple DIY journeys, will help turbocharge insurance adoption and penetration in the country. We are on a mission to help turn India from an underinsured nation to an adequately insured nation and view this partnership with Star as a crucial milestone in this journey.”

Anand Roy, MD, and CEO of Star Health Insurance, said, “We are excited to partner with PhonePe and offer health insurance targeted at Gen Z and Millennials since people in that group are digital natives. The partnership between Star Health Insurance and PhonePe will provide consumers with a hassle-free payment option that is light on the pocket and, at the same time, meets their wellness needs. We look forward to expanding our digital reach through this partnership.”

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