- 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.
General Info:
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.
About PhonePe:
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