Press Release

Press Release

PhonePe Launches India’s first Health Insurance platform with monthly subscriptions

  • Only platform in the country where customers can pay for Insurance in easy installments through UPI on the PhonePe app
  • The company has tied up with multiple leading insurers to offer comprehensive Insurance plans in the market

National, July 18th, 2023: PhonePe Insurance Broking Services, today announced the launch of health insurance plans offering comprehensive insurance in partnership with leading insurers.  What sets these health insurance plans apart is the introduction of the UPI monthly mode of payment, making them more affordable for customers. PhonePe has been at the forefront of driving Insurance penetration in the country by selling more than 5.6 million policies till date. PhonePe Insurance platform has also sold policies across 98% of India’s postal codes and has served more than 200 Mn vehicle insurance quotes. 

These health insurance plans, which come with coverage up to Rs.1 crore, allow users to choose any hospital room without any cap/limit. A user can also avail of innovative features like a bonus cover up to 7 times the base cover amount for each claim free year.  The Health Insurance plans being offered by PhonePe Insurance Broking are accompanied by pre and post-sales assistance to help users make informed decisions, file claims, and access other services. 

Commenting on the launch, Hemant Gala, Vice President Financial Services at PhonePe said, “One of the biggest barriers in buying Health Insurance has been affordability and we have solved the same by creating India’s first Health Insurance marketplace focused on monthly payments. We believe this will drive deep penetration with users being able to pay in monthly subscriptions with a much lower financial burden.’’ 

Purchasing Health Insurance on PhonePe is simple and easy. All a user needs to do is:

  1. Enter basic details for all the members you want to insure.
  2. Proceed to the quotes page, select the desired quote, and move to the next page to enter personal and health details.
  3. Review the information and either set up your monthly mandate or pay annually

About PhonePe Insurance Broking Services Pvt. Ltd. :

PhonePe Insurance Broking Services is a wholly owned subsidiary of PhonePe Pvt. Ltd. and is registered with IRDAI as a Direct Broker (Life and General)  under Reg. Certificate No. 766 (Valid till 10/08/24).

About PhonePe: 

PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 47+ crore (470+ Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 3.5+ crore (35+ Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% postal codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe has been recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report for two consecutive years (2022 & 2023) by Trust Research Advisory (TRA).

For more details: [email protected]