On June 9, 2020 Flipkart-owned digital payments platform PhonePe along with ICICI Lombard, the non-life insurance company launched ‘first of its kind’ travel insurance, domestic multi-trip insurance to provide a stress-free travel experience to customers by covering risks associated with all modes of travel within the country (road, rail and air within the country) from the time a customer leaves home, till the time of return.The cost of the insurance is Rs 499/year.It provides 365-day protection & covers all modes of transport.
Major Highlights of the policy
i.The policy provides affordable annual insurance cover for unlimited trips. This solution eliminates the need to insure each trip separately and will benefit both business and leisure travelers unlike other traditional travel insurance products.
ii.It meets the customers’ needs who want to purchase domestic travel insurance every time they book a ticket or cab.
iii.For domestic travellers– It offers a comprehensive bouquet of benefits that cover losses from trip cancellations, home burglary while travelling, missed connecting flights and lost baggage, among others.
iv.For air travellers– There is a feature for trip cancellation due to hospitalisation and up to Rs 1,000 payout for trip cancellation due to government lockdown. Along with this, it also provides cover against death or hospitalisation due to an accident during the journey, with a sum of Rs 5 lakh.
v.The service is only for PhonePe users, who can purchase the policy under the “My Money” section on the PhonePe app.
vi.The policy purchase process takes around 2 minutes and customers will be issued their policy documents instantly on the PhonePe app.
Other launch of PhonePe:
PhonePe partnered with investment manager Aditya Birla Sun Life Mutual Fund (ABSLMF) & launched Super Fund, a solution which invests across multiple top equities, gold, and debt funds of different mutual fund companies to help investors create long-term wealth in a safer way.
HeadQuarter– Bengaluru, Karnataka
Chief Executive Officer(CEO)– Sameer Nigam
About ICICI Lombard:
HeadQuarter– Mumbai, Maharashtra
Managing director(MD) & CEO– Bhargav Dasgupta