PhonePe eyes more users with five new insurance products, one mutual fund offering
Digital payments platform PhonePe is expanding its financial services to add insurance and mutual funds products. The Flipkart payments solutions company has added six services, a statement said.
Having tangled up with leading players in the insurance and mutual funds sectors, PhonePe is currently offering their services on its platform, which makes it a one-stop shop for a variety of financial products and services.
The six services on PhonePe are
Personal Accident insurance coverage: Launched in July, it includes the insured or their nominees a fixed, lump sum amount in case of death or total long term disability caused by an accident. The twelve-monthly premium amount starts from Rs 24 to Rs 480 for the sum insured which range from Rs 1 lakh to Rs 20 lakh.
Dengue and Malaria cover: Also launched in July, the policy offers policyholders a set cash payout amount on diagnosis and a lot more than 48 hours of hospitalisation because of six vector borne diseases including dengue, malaria, Japanese encephalitis, kala-azar, chikungunya and filariasis.
Hospital Daily Cash: Launched in July, this insurance product offers a each day cash payout for between 48 hours and 15 days of hospitalisation, with the money payable from the second day onwards. With total annual premiums starting at Rs 130, with the maximum sum insured capped at Rs 75,000, this is a product that appears designed to cover expenses that aren't covered by a health insurance that takes care of medical expenses.
Coronavirus INSURANCE COVERAGE: This policy premiered as soon as April when coronavirus cases started soaring in India. The policy offers cashless and also reimbursement payouts for diagnosis and hospitalisation due to Covid-19 up to maximum amount of Rs 1 lakh. The twelve-monthly premium starts at Rs 396.
Domestic TRAVEL COVER: Launched in June, this policy provides an annual protection plans as high as Rs 5 lakh to pay you for any travel-related losses such as for example cancellation of flights, lack of baggage and so on, for an twelve-monthly premium of Rs 499.
Super Funds: Launched in-may, this investment solution managed by professional fund managers that invests across multiple top equity, gold and debt funds of varied mutual fund companies to help investors create long-term wealth in a safer way. You can get started investing with as little as Rs 500 monthly.
“These partners include deep experience in this space, and also have worked very closely with PhonePe to launch tailor-made offerings because of its rapidly increasing customer base,” the PhonePe statement said.
PhonePe already has many as 230 million users. The software is normally used to receive and send money, recharge mobile, DTH and data cards, make payments at stores and pay bills. It later expanded its services to also offering investment options in gold and other financial instruments.
PhonePe also launched its Switch platform in 2018, that allows users to put orders on over 200 software including Ola, Myntra, IRCTC, Goibibo, RedBus, and Oyo directly from within the PhonePe mobile app. PhonePe is also accepted at over 11 million merchant outlets across 500 cities nationally, the statement said.
With these five new insurance products and one mutual fund offering, PhonePe hopes to become India’s most comprehensive financial services platform. The company already claims to have previously end up being the “fastest growing insure-tech distributor in India” with mutual fund investments coming in from “over 15,000 pin codes across tier 1, 2 & 3 cities and towns.”
The idea is to provide users a straightforward, frictionless and secure platform to invest in insurance and mutual funds, the business said.
