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25 crore customers will get insurance for only Rs 149


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There is great news for you if you are also using Phonepe. Yes, pe Phonepe users can now get insurance for just Rs 149. PhonePe, India's leading digital payment app, has teamed up with ICICI Prudential Life Insurance to launch Term Life Insurance plans on its platform. With this launch, millions of PhonePe users can now save their families from financial hardship in the event of their untimely demise. The premium amount starts from Rs 149 per annum. This policy can be obtained instantly through an all-digital customer experience on the PhonePe app without any medical tests and paperwork.
PhonePe's Term Insurance Plan A term insurance plan is a pure protection plan with no maturity benefits. In case of death during the policy period, the sum assured is paid to the nominee in the policy. Term insurance should cover at least 10 times the annual income.

Who can take advantage
PhonePe users are in the age group of 18 to 50 years and can avail this policy with an annual income of Rs 1 lakh or more. No pre-medical test or paperwork is required to purchase this policy. Customers can also renew their policies through the PhonePe application.

How much will get cover
Under this term insurance policy, a person can insure from Rs 1 lakh to Rs 20 lakh. The customer can avail the instant insurance policy on the PhonePe application without any medical test.

How to buy a term policy
  • PhonePe users can buy their term life insurance in a few simple steps. 
  • Android and iOS users click on the ‘My Money’ section of their PhonePe application. 
  • Then click on Insurance. 
  • Now select the Term Life Insurance section and select the amount for which you want to get insurance. After giving the details of the insured person and his nominee, users can buy the policy by making instant online payment through PhonePe.
Phonepe's 250 million users
Only 2.73% of people in India have insurance cover. Lack of awareness and the hassle of paperwork also saves people from taking out this insurance. However, Phonepe's initiative could increase the reach of the insurance sector. PhonePay has more than 250 million users across the country.

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