Money & Banking

PhonePe launches domestic trip insurance with ICICI Lombard

Prashasti Awasthi Mumbai | Updated on June 09, 2020

With the lockdown ending and domestic travel gradually starting across the country, PhonePe, a digital payments platform, today announced the launch of a comprehensive, industry-first domestic multi-trip insurance cover in a strategic partnership with ICICI Lombard, the non-life insurance company.

This service is exclusively available for PhonePe users. The platform provides affordable annual insurance cover for unlimited trips, PhonePe said in its official release.

PhonePe said unlike other traditional travel insurance products, this solution does away with the need to insure every trip separately and will benefit both business and leisure travellers.

The company said it aims to provide customers a stress-free travel experience by covering risks associated with all modes of travel within the country (road, rail and air within the country) right from the time a customer leaves home, till the time he/she returns.

PhonePe noted that for domestic travellers, an all-in-one insurance product offers a comprehensive bouquet of benefits that cover losses arising from trip cancellations, home burglary while travelling, missed connecting flights and lost baggage, among others.

The platform said it also caters to the needs of customers who prefer buying domestic travel insurance every time they book a ticket or a cab. With 365-day protection at Rs 499, it covers all modes of transport.

For air travellers specifically, there is a feature for trip cancellation due to hospitalisation and up to Rs 1,000 payout for trip cancellation due to government lockdown. In addition to this, it also provides cover against death or hospitalisation due to an accident during the journey, with a sum assured of Rs 5 lakh.

Speaking on the launch, Gunjan Ghai, VP & Head of Insurance, PhonePe said in an official statement: “This product reflects PhonePe’s philosophy of finding time and context-relevant products for its customers. We are excited to launch this unique and industry-first insurance cover for domestic travellers.”

Ghai added: “The product offers cover for all modes of transport for unlimited trips in a year while also providing very relevant features in the current unlock 1.0 scenario. We believe this solution will provide policyholders peace of mind so that they can focus on enjoying their travel without any worry. We remain deeply committed to making insurance affordable, simple, and accessible for over 200 million PhonePe users.”

Commenting on the product, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance said: “We are delighted to associate with PhonePe for this ‘first of its kind’ travel insurance offering. At ICICI Lombard, our focus is to support our customers in their hour of need, thereby demonstrating our brand ethos of Nibhaye Vaade. As we get back to normal life amid social distancing, this product will surely benefit a large number of travellers, safeguarding them from any unforeseen circumstances. Further, the multi-trip, multi-mode feature makes this solution a convenient, cost-effective, and extremely appealing proposition for the frequent traveller.”

PhonePe users can purchase the domestic multi-trip insurance policy under the “My Money” section on the PhonePe app. The policy purchase process takes around 2 minutes and customers will be issued their policy documents instantly on the PhonePe app.

Published on June 09, 2020

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