PhonePe has introduced a new home insurance product offering homeowners an easy and affordable way to protect their homes against over 20 risks, including fire, floods, earthquakes, riots, and theft. With premiums starting as low as ₹181 per year (including GST), the coverage ranges from ₹10 lakhs to ₹12.5 crores, allowing customers to insure both the structure and contents of their homes through a fully digital process on the PhonePe app.
Unlike traditional home insurance plans often tied to home loans with higher costs and complex paperwork, PhonePe’s offering provides flexibility to all homeowners, whether they have an existing loan or not. The instant policy issuance requires zero paperwork or inspections and is accepted by all banks and lending institutions for home loan purposes, making it a convenient option for a wide range of users.
Vishal Gupta, CEO of PhonePe Insurance Broking Services, said, “We are committed to making insurance accessible and affordable for every Indian. This new home insurance product empowers homeowners to protect their most cherished asset with complete ease and reflects the future of digital, comprehensive coverage.”
The launch aims to simplify the insurance process and eliminate financial barriers, helping millions of Indians secure peace of mind for their homes with just a few taps on their smartphones.