New Delhi: PhonePe Friday announced the launch of a ‘pre-approved term life insurance’ feature on its platform.
The feature aims to make insurance coverage more accessible and affordable for millions of Indians by waiving the requirement for proof of income at the time of policy purchase.
With this launch, PhonePe ushers a new era of financial inclusion in India by making insurance products inclusive with the added advantage of quick and convenient access to life insurance coverage, without requiring extensive income verification.
The company has partnered with leading insurers to enable this feature on its platform. This partnership also supports insurance providers to now serve more users, specifically over 30 million individuals, who previously could not avail of term insurance due to the lack of income proof.
Millions of PhonePe users including merchants, self-employed individuals, gig workers, and many more user groups who don’t have formal proof of salary or income, can now avail of term insurance products seamlessly on the PhonePe platform. In fact, the company is focused on scaling up this offer tremendously and expanding its reach to make it accessible to up to 50 million users by later this year.
“We are excited to announce the launch of the ‘pre-approved sum assured (PASA)’ feature on our platform. This launch is aimed at bringing the previously under-served customers into the term life insurance net by making the products more accessible and affordable to Indians across various socio-economic strata,” said Vishal Gupta, CEO at PhonePe Insurance Broking Services.
“By partnering with industry leaders and collaborating with them deeply we are able to simplify user experience and deliver tailor-made offerings that are industry-leading and solving for specific cohorts in an inclusive manner. Our mission is to drive insurance adoption in the country by making the insurance buying process simple, easy, and affordable for all,” Gupta added.
PhonePe, based on the underwriting principles of its insurance partners, identifies a user base for whom the pre-approved term insurance process can be enabled. The company has worked on these indicators collaboratively with the insurance providers to empower users while complying with underwriting principles set by the regulators.