PhonePe Insurance Brokering Services, a wholly-owned subsidiary of fintech decacorn PhonePe, has introduced its health insurance vertical, offering plans in collaboration with multiple insurers.
PhonePe Seamless Integration and Diversification of Insurance Products
The platform has seamlessly integrated health insurance into its suite of financial products, allowing users to set up monthly premium payments through its UPI platform. With a claim of selling 5.6 million policies to date, the fintech is now diversifying its insurance offerings to include health insurance.
PhonePe Extensive Health Insurance Plans
The health insurance plans offered by PhonePe provide coverage of up to INR 1 crore. Users can select any hospital room without any cap. Additionally, users can avail of a bonus cover of up to seven times the base cover amount for each claim-free year, among other features.
Easy Purchase Process
Users can buy health insurance through the PhonePe app. They need to provide details of the members they wish to insure. The app allows them to compare policies on the quotes page. Users can also enter health information and choose between monthly or annual payment options. Pre and post-sales assistance is also available to help users make informed decisions, file claims, and access other services.
Affordable Health Insurance Marketplace
Hemant Gala, VP of financial services at PhonePe, expressed that affordability has been a significant barrier in purchasing health insurance.India’s first health insurance marketplace with a focus on monthly payments has been launched. The company aims to drive deep penetration by allowing users to pay in monthly subscriptions, reducing the financial burden.
PhonePe, founded in December 2015, has over 400 million registered users. It is India’s largest UPI app by user base and market share. In June 2023, it processed 446.14 crore UPI transactions worth INR 7.46 lakh crore,. Accounting for 47.79% of UPI transactions by volume and 50.53% by value. The Walmart-owned fintech giant, PhonePe, has actively launched new products. These include Account Aggregator (AA) services, a payment gateway, a merchant lending marketplace, a point-of-sale (PoS) device, and UPI Lite. This reflects its commitment to expanding offerings and strengthening its market position.
