Chennai: PhonePe has announced the launch of term life insurance plans on its platform, in association with ICICI Prudential Life Insurance Co Ltd.
“With this launch, millions of PhonePe users can now protect their families from financial turmoil in the event of an untimely demise. The premiums start from as low as Rs 149 per annum. This policy can be availed instantly on the PhonePe app without any health check-ups and paperwork through an all digital customer experience,” it said.
India’s population has an insurance penetration of just 2.73 per cent, it further said and added that lack of awareness, confusion about the myriad paperwork and sub optimal experience with the hassle of a health check, have been the key reasons for this problem.