PhonePe Unveils Pre-Approved Term Life Insurance to Boost Financial Inclusion
Key Points:
- PhonePe launches a pre-approved term life insurance feature.
- The new offering eliminates the need for income proof at policy purchase.
- The company aims to reach 50 million users by the end of the year.
- Targeted groups include merchants, gig workers, and self-employed individuals.
PhonePe Enhances Insurance Accessibility
PhonePe, a leading digital payments platform, has introduced a revolutionary ‘pre-approved term life insurance’ feature on its platform. Announced on Friday, this new initiative aims to break down traditional barriers to insurance by eliminating the need for income proof during policy purchase, thereby making insurance more accessible and affordable for millions of Indians.
The launch represents a significant step towards financial inclusion in India. By waiving the requirement for income verification, PhonePe is broadening the reach of insurance products to a wider audience, particularly those in underserved sectors. This includes merchants, gig workers, self-employed individuals, and others who typically do not have formal income documentation.
Partnerships with Top Insurers
To bring this innovative feature to life, PhonePe has partnered with leading insurance providers. These partnerships not only simplify the process for users but also enable insurers to extend their services to more than 30 million individuals who were previously excluded from the benefits of term insurance due to the lack of income proof.
PhonePe’s initiative is expected to expand its reach significantly, with the goal of making this feature available to 50 million users by the end of the year. The company is focused on providing seamless access to term insurance products on its platform, empowering millions of users to secure life insurance without the hurdles of traditional documentation.
A New Era of Insurance
“We are thrilled to launch the ‘pre-approved sum assured (PASA)’ feature on our platform, which marks a new era of financial inclusion,” said Vishal Gupta, CEO of PhonePe Insurance Broking Services. “Our goal is to bring previously underserved customers into the fold of term life insurance by making these products more accessible and affordable across various socio-economic strata.”
Gupta emphasized that PhonePe’s mission is to drive insurance adoption across India by simplifying the insurance buying process. By collaborating with industry leaders, the company is able to deliver tailor-made offerings that address the specific needs of diverse user groups in an inclusive manner.
As PhonePe continues to innovate and expand its offerings, it is poised to play a crucial role in transforming the insurance landscape in India, making essential financial products available to a broader segment of the population.
