Ritik Gupta
A new Term Life insurance Policy Plan has been inaugurated with the assured sum of up to Rs 20 lakhs and premiums beginning from as low as Rs 149 per annum. The beneficiaries can avail of this policy without any medical investigation.
PhonePe has openly declared a Term Life Insurance plan on its forum in coalition with the ICICI Prudential Life Insurance Co Ltd. The policy can be availed immediately without any documentation, just by using the digital PhonePe app.
“With this launch, millions of PhonePe users can now protect their families from financial turmoil in the event of an untimely demise,” said PhonePe in its statement.
“India’s population has an insurance penetration of just 2.73 percent. Lack of awareness, confusion about the myriad paperwork, and sub-optimal experience with the hassle of a health check has been the key reasons for this problem. This is especially true for Indians in tier 2 cities and beyond. PhonePe, with its 250 million+ user base, aims to improve awareness and penetration of term life insurance products and solve this industry-wide issue,” PhonePe added.
As for the eligibility and the process for availing of the policy, PhonePe has given the same information.
