On January 6, 2021 PhonePe in partnership with ICICI Prudential Life Insurance Co Ltd launched Term Life Insurance plans on its platform. This policy can be availed by PhonePe users instantly on PhonePe app through an all digital process without the need of any health check-ups and paperwork
- This plan enables PhonePe users to protect their families from financial turmoil in case of an untimely demise of them.
Key Features of Term Life Insurance plans:
Premium & Avail
i.The premium of the policy starts from Rs 149 for a year.
ii.PhonePe users who are of age 18 to 50 and who earn Rs 1 lakh per annum and above can avail this policy.
Insure Sum & Renewal
Depending on the premium amount, this policy insures the user for a sum(ranging from Rs 1 lakh to Rs 20 lakhs) without the need of health checkups and paperwork.
It can be renewed when it expires on the PhonePe app.
i.Insurance penetration in India is 2.73%. This is due to key reasons like lack of awareness, etc.,
ii.The reasons do match with Tier 2 cities citizens and beyond..
Note– PhonePe has over 250 million user base.
About Term insurance plan:
It is a protection plan with zero maturity benefits.
Upon death of the policy holder, during the policy term the sum assured is paid to the nominee in the policy.
Recent Related News:
HDFC (Housing Development Finance Corporation) Life and HDFC Ergo joined hands to launch a combi insurance product ‘Click 2 Protect Corona Kavach’ which offers a complete financial protection package in the current pandemic environment. This policy will provide all the benefits and features of HDFC Life’s Click 2 Protect 3D Plus and HDFC Ergo’s Corona Kavach policies.
HeadOffice– Bengaluru, Karnataka
Founder & Chief Executive Officer(CEO)– Sameer Nigam
Head of Insurance -Gunjan Ghai
About ICICI Prudential Life Insurance Ltd:
It is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Commenced Operations– 2001
HeadOffice– Mumbai, Maharashtra
MD & CEO– N. S. Kannan