On October 14, 2020 PhonePe in association with Bajaj Allianz General Insurance Company launched car and bike insurance products on its platform. This launch enables more than 230 million registered PhonePe users to insure their vehicles, in under 2 minutes, without having to upload any documents before making a purchase. They can also view their policy documents instantly on the app.
- The launch is in line with the goal of PhonePe to be a one-stop destination for all insurance needs of our customers.
Note- The car and bike insurance customers of PhonePe can avail hassle-free renewal, cashless repair services at nationwide network of garages.
Key Info about the Insurance Product
Cost of Insurance
The 2 wheeler insurance on PhonePe starts at Rs 482 and car insurance at Rs 2,072.
PhonePe users can avail the car and bike insurance from the app’s ‘My Money’ section, where Car & Bike insurance products will be visible under the Motor Insurance section of the Insurance section.
Instant claim settlement
They will receive instant claim settlement within 20 mins.
Customise car insurance plan
i.They have an option to customise their Car insurance plan based on their needs, with value added offers like Zero Depreciation, 24X7 Roadside Assistance and Engine protection among others.
ii.It is to be noted that zero depreciation helps to protect the vehicle, in spite of the annual depreciation in the value of its parts and pays for the entire claim amount, thereby controlling out-of-pocket expenses for the users.
E-Commerce Firm’s contribution in Insurance Sector
i.Flipkart partnered with Bajaj Allianz General Insurance Company to offer digital motor insurance policy to customers of e-commerce major.
ii.Amazon Pay partnered with Acko General Insurance Ltd to offer auto insurance for two and four-wheelers in India, a 100% paperless insurance plan.
Recent Related News:
SBI General Insurance Co Ltd launched a 1st of its kind offering, ‘Shagun – Gift an Insurance’, a unique gift of Personal Accident policy which provides complete financial protection to the insured person against uncertainties such as accidental death and partial or total disabilities, and permanent & temporary disabilities resulting from an accident.
About Bajaj Allianz General Insurance Company:
Managing Director(MD) and Chief Executive Officer(CEO)– Tapan Singhel
Head Office– Pune, Maharashtra
HeadOffice– Bengaluru, Karnataka
Chief Executive Officer(CEO)– Sameer Nigam