New Delhi. Leading payment company PhonePe on Friday announced the launch of a pre-approved term life insurance feature on its platform.
The aim of this feature is to make insurance coverage more accessible and affordable for millions of Indians by eliminating the need for proof of income while purchasing a policy.
With this launch, PhonePe is ushering in a new era of financial inclusion in India by making insurance products inclusive and offering the benefit of quick and convenient access to life insurance coverage without the need for income verification.
Benefit to more than 3 crore people
The company has partnered with leading insurance companies to enable this feature on its platform. This partnership helps insurance providers with more users and now more than 3 crore people, who were previously unable to avail term insurance due to lack of income proof.
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Millions of PhonePe users, including merchants, gig workers and many other user groups who do not have formal proof of salary or income, can now avail term insurance products on the PhonePe platform. In fact, the company is working on expanding its reach to greatly
expand this offer and reach 5 crore users by the end of this year.
Vishal Gupta, CEO, PhonePe Insurance Broking Services, said, “We are excited to announce the launch of the pre-approved sum assured facility on our platform. The launch aims to bring previously underprivileged customers into the ambit of term life insurance by making the products more accessible and affordable for Indians.”
