Walmart-owned fintech firm PhonePe’s subsidiary PhonePe Insurance Broking Services has launched its health insurance vertical, offering plans in partnership with multiple insurers.
PhonePe users can set up monthly payments for the premium via its UPI platform. The company claimed that it has sold 5.6 million policies to date and is diversifying its insurance products with health insurance. PhonePe Insurance platform has also sold policies across 98 per cent of India’s pin codes and has served more than 200 million vehicle insurance quotes, it added in its statement.
The health insurance plans, which come with coverage of up to ₹1 crore, allow users to choose any hospital room without any cap. A user can also avail of a bonus cover of up to 7 times of the base cover amount for each claim-free year, among other features.
The health insurance plans being 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.
Users can buy health insurance on the PhonePe app by entering the details of the members they want to insure, comparing policies on the quotes page, entering health details and either setting up a monthly mandate or paying annually.
“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,” said Hemant Gala, Vice-President Financial Services at PhonePe.
- Also read: Walmart shareholding in PhonePe drops to 85%