PhonePe Insurance Broking Services has made a significant announcement today, unveiling their new range of health insurance plans that promise comprehensive coverage through strategic partnerships with multiple insurers. What truly sets these plans apart from the rest in the market is the groundbreaking inclusion of monthly payment options facilitated by the Unified Payments Interface (UPI), making health insurance more affordable and accessible to a wider audience.
A crucial player in the insurance industry, PhonePe Insurance Broking Services is a wholly-owned subsidiary of PhonePe Pvt. Ltd., and holds registration with the Insurance Regulatory and Development Authority of India (IRDAI) as a Direct Broker for both Life and General insurance. The company has already made impressive strides, having successfully sold over 5.6 million policies across 98% of India’s PIN codes, in addition to providing over 200 million vehicle insurance quotes. With this extensive experience and reach, they are poised to make a significant impact on the health insurance sector.
Under these newly launched health insurance plans, individuals can avail themselves of coverage up to Rs 1 crore, granting them the freedom to select any hospital room without worrying about caps or limitations. Moreover, PhonePe Insurance Broking Services has incorporated innovative features within these plans, such as a bonus cover that increases up to seven times the base cover amount for each year without any claims. This enticing offering is aimed at encouraging and rewarding policyholders for maintaining a claim-free record.
To further enhance customer experience, PhonePe Insurance Broking Services extends pre- and post-sales assistance to policyholders. This dedicated support ensures that users can make well-informed decisions, effortlessly file insurance claims, and access various other services that contribute to a seamless insurance journey.
Hemant Gala, the Vice President for Financial Services at PhonePe, addressed a significant challenge in the health insurance sector by stating, “Affordability has been a major obstacle in purchasing Health Insurance, and we have tackled this by introducing India’s first Health Insurance marketplace with a focus on monthly payments. This innovation is expected to drive widespread adoption, allowing users to subscribe on a monthly basis with reduced financial strain.”
PhonePe has taken remarkable steps to simplify the process of purchasing health insurance, making it both convenient and user-friendly. To initiate the process, all users need to do is provide basic details for all the individuals they wish to insure. Once this initial step is completed, users can proceed to the quotes page, where they can choose the most suitable plan based on their requirements. Moving forward, they will be prompted to enter personal and health-related information, which will be critical for customizing the insurance plan to their specific needs. Finally, users will have the option to either set up a monthly mandate or make an annual payment, providing them with flexibility and choice in managing their insurance payments.
The introduction of monthly payments through UPI is expected to revolutionize the health insurance landscape in India. By making insurance more affordable and accessible to a wider population, PhonePe Insurance Broking Services aims to foster greater financial security and well-being among its users. As the company continues to innovate and expand its services, it is poised to play a pivotal role in driving insurance penetration in the country, thus helping more people safeguard their health and future effectively.
Through its partnership with multiple insurers, PhonePe Insurance Broking Services launches health insurance plans with coverage up to Rs 1 crore and no room restrictions. The unique monthly payment option via UPI addresses affordability barriers. With excellent pre- and post-sales support, PhonePe aims to enhance insurance accessibility and security for all.
