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PhonePe sees rising demand for COVID-19 insurance with increasing cases

IBEF:  April 09, 2021

According to India's leading digital payments platform PhonePe, coronavirus insurance has seen wide adoption recently, with 75% of its policies purchased by customers in smaller towns outside of tier-1 cities.

This represents users in smaller towns and rural areas' belief in the PhonePe platform. Maharashtra, Andhra Pradesh, Telangana, Gujarat and Karnataka are the states that contribute the most to revenue.

In collaboration with Bajaj Allianz General, PhonePe provides affordable coronavirus insurance plans. More than Rs. 3.5 crore (US$ 469.97 thousand) in claims has already been paid.

Vice President and Head of Insurance of PhonePe, Ms. Gunjan Ghai, “COVID-19 cases have resurfaced around the country in recent weeks. Many Indians also lack health insurance, putting them at risk of incurring further financial stress if an individual of their family becomes ill.”

She added, “With this in mind, we are among the few companies in the industry that continues to provide coronavirus insurance to our large user base.”

With over 287 million registered users, PhonePe is India's largest digital payment network. Tax-saving funds, liquid funds, and overseas travel insurance are among the mutual funds and insurance products it has introduced.

It's accepted in more than 18.6 million merchant locations across 500 cities across the country.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.