PhonePe adds health insurance plans to its offerings

PhonePe Insurance Broking Services, owned by Walmart fintech, has launched its own health insurance brokerage services, offering plans in partnership with several insurance companies.

PhonePe users can set up monthly installment payments via its UPI platform. The company claimed to have sold 5.6 million policies to date and is diversifying its insurance products through health insurance. In its statement, it added that the PhonePe insurance platform also sold insurance policies across 98 percent of PIN codes in India and submitted more than 200 million vehicle insurance quotes.

The health insurance plans, which come with coverage up to Rs 1 crore, allow users to choose any room in the hospital without any cap. The user can also take advantage of bonus coverage of up to 7 times the basic cover amount per year free of claims, among other benefits.

Health insurance plans offered by PhonePe Insurance Broking are accompanied by pre- and post-sale assistance to help users make informed decisions, submit claims, and access other services.

Users can purchase health insurance on the PhonePe app by entering details of the members they want to insure, compare policies on the quotes page, enter health details, and set up a monthly authorization or pay annually.

“One of the biggest barriers in purchasing health insurance was affordability and we have solved the same problem by creating India’s first health insurance marketplace focused on monthly payments. We believe this will lead to This results in deep penetration, with users able to pay in monthly subscriptions with a much lower financial burden.”