PhonePe launches India’s first CoronaVirus Insurance Policy
- No medical tests required. Instant policy issuance online.
- PhonePe has waived its sales commission to offer affordable insurance product for societal good
Bengaluru, April 01, 2020: PhonePe, India’s leading digital payments platform today announced the launch of a unique Coronavirus Hospitalisation Insurance policy called “Corona Care” from Bajaj Allianz General Insurance, one of India’s largest and most trusted general insurance companies.
This Coronavirus insurance policy is priced at just INR 156 with an insurance cover of INR 50,000 for a person aged under 55 years and the cover is applicable at any hospital offering Coronavirus treatment. It also covers 30 days of expenses related to pre-hospitalization costs and post-care medical treatment. Customers don’t need to undertake any medical tests before purchasing the Corona Care policy. They can purchase it instantly from the convenience of their homes considering the current lockdown observed in the country.
PhonePe users can purchase their Coronavirus insurance policy under the “My Money” section on the PhonePe app. The entire policy purchase process takes less than 2 minutes and customers will be instantly issued their policy documents inside the PhonePe app.
Speaking on the launch, Sameer Nigam, Founder & CEO, PhonePe said, “Unfortunately, despite global efforts to contain the pandemic, COVID-19 is still spreading fast and furiously across the world. The Indian government has taken very bold steps towards containing the outbreak in India. However, many Indians don’t have health insurance covers, so they will be faced with an added financial burden in case someone in their family needs to get hospitalization treatment for COVID-19. Keeping the societal well-being in mind in these tough times, PhonePe has decided to forego its commission thus enabling an affordable product with Bajaj Allianz General Insurance.”
Commenting on the launch, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “The COVID-19 pandemic outbreak is impacting our country and the world at large. We are aware of the safety measures which we must inculcate in our day-to-day activities, but we must also ensure our loved ones are taken care of with a requisite health insurance cover in case of an exigency. Through our collaboration with PhonePe, customers can now avail of this unique product which covers COVID-19 by following a few simple steps on the PhonePe app and can ensure that their family is secure. Our affordable insurance product integrated with other safety measures will help us to emerge stronger out of these challenging times.”
PhonePe firmly believes that prevention is better than cure and advises all its users to take all the steps suggested by the authorities in the fight against COVID-19. This includes the use of contactless digital payments which would help in preventing the spread of the virus through currency notes. However, in order to be financially prepared for meeting hospitalization costs and provide mental assurance and peace of mind, it is best for users to insure themselves.
Bengaluru-headquartered PhonePe is India’s leading digital payments platform with over 200 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe is accepted at over 10 million merchant outlets across 400 cities nationally. PhonePe also launched its own Switch platform in 2018, and today its customers can place orders on over 100 apps including Ola, Myntra, IRCTC, Goibibo, redBus, Oyo, and Treebo, etc. directly from within the PhonePe mobile app. For more details, please visit https://www.phonepe.com or download the PhonePe app.
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