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PhonePe launches India’s first Health Insurance

PhonePe Insurance Broking Services, today announced the launch of health insurance plans offering comprehensive insurance in partnership with leading insurers.  What sets these health insurance plans apart is the introduction of the UPI monthly mode of payment, making them more affordable for customers. 

PhonePe has been at the forefront of driving Insurance penetration in the country by selling more than 5.6 million policies till date. PhonePe Insurance platform has also sold policies across 98% of India’s PIN codes and has served more than 200 Mn vehicle insurance quotes. 

These health insurance plans, which come with coverage up to Rs.1 crore, allow users to choose any hospital room without any cap/limit. A user can also avail of innovative features like a bonus cover up to 7 times the base cover amount for each claim free year.  The Health Insurance plans being offered by PhonePe Insurance Broking are accompanied by pre and post-sales assistance to help users make informed decisions, file claims, and access other services. 

Commenting on the launch, Hemant Gala, Vice President Financial Services at PhonePe said, "One of the biggest barriers in buying Health Insurance has been affordability and we have solved the same by creating India’s first Health Insurance marketplace focused on monthly payments. We believe this will drive deep penetration with users being able to pay in monthly subscriptions with a much lower financial burden.’’ 

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