New Delhi: PhonePe today announced the launch of a ‘pre-approved term life insurance feature on its platform.
The feature aims to make insurance coverage more accessible and affordable for millions of Indians by waiving the requirement for proof of income at the time of policy purchase. With this launch, PhonePe ushers a new era of financial inclusion in India by making insurance products inclusive with the added advantage of quick and convenient access to life insurance coverage, without requiring extensive income verification.
The company has partnered with leading insurers to enable this feature on its platform. This partnership also supports insurance providers to now serve more users, specifically over 30 million individuals, who previously could not avail of term insurance due to the lack of income proof.
Millions of PhonePe users including merchants, self-employed individuals, gig workers and many more user groups who don’t have formal proof of salary or income, can now avail of term insurance products seamlessly on the PhonePe platform.
The company is focused on scaling up this offer tremendously and expanding its reach to make it accessible to up to 50 million users by later this year.
PhonePe, based on the underwriting principles of its insurance partners, identifies a user base
for whom the pre-approved term insurance process can be enabled. The company has worked
on these indicators collaboratively with the insurance providers to empower users while
complying with underwriting principles set by the regulators.
