PhonePe’s Corona Insurance sees wide adoption & rising demand with increasing COVID-19 cases
Bengaluru, April 8th, 2021: With COVID-19 cases rising across the country, PhonePe, India’s leading digital payments platform shared trends on the adoption of its Coronavirus insurance product launched last year. The analysis of sales and claims data over the past year showed that Coronavirus insurance has seen widespread adoption with 75% of policies bought by customers in smaller towns outside the tier-1 cities. This reflects the trust in the PhonePe platform among users in smaller towns and rural areas of the country. The top states contributing to sales included Maharashtra, Andhra Pradesh, Karnataka, Telangana and Gujarat. PhonePe has seen a fivefold jump in Corona insurance sales in March 2021 (when cases started rising nationally) vis-a-vis February.
In terms of claims paid to customers, the top states included Andhra Pradesh, Maharashtra, Telangana, Delhi and Karnataka. The claims from customers of more than INR 3.5 crore have already been paid. 75% of the claims were made from customers residing in smaller towns and rural areas of the country.
PhonePe in association with Bajaj Allianz General Insurance offers the most affordable Coronavirus insurance policy in the market today. The annual premium starts as low as INR 396 for a cover of INR 50,000. Customers can also opt for a higher cover of INR 1,00,000 at an affordable premium of INR 541. The cover is applicable at any hospital offering COVID-19 treatment. It also covers 30 days of expenses related to pre-hospitalization costs and post-care medical treatment.
Sharing his views, Gunjan Ghai, VP & Head of Insurance, PhonePe said, “The last few weeks have seen a resurgence in COVID-19 cases across the country. While the central and state governments are taking several steps towards containing the outbreak, many Indians still don’t have health insurance covers as a result of which they may have to bear an additional financial burden in case someone in their family needs to be hospitalized for COVID-19. Keeping this in mind, we are one of the very few players in the market today who continue to offer the Coronavirus insurance product for our vast base of over 287 million registered users.”
Customers can buy this product by going to the Health Insurance section on the PhonePe app. They don’t need to undertake any medical tests before buying. The entire policy buying process takes less than 2 minutes and customers will be instantly issued their policy documents inside the PhonePe app.
PhonePe is India’s largest digital payments platform with over 287 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 forayed into financial services in 2017 with the launch of Gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic among others. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 300 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus, etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 18.6 million merchant outlets across 500 cities nationally.
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