Tag: Gunjan Ghai

Health, Technology

PhonePe launches Comprehensive Health Insurance starting at Rs.999

Dec 2, 2021 by Rekha Nair 0 Comments #Gunjan Ghai, #PhonePe, #VP & Head of Insurance

National: PhonePe, India’s leading digital payments company, announced the launch of its latest health insurance plan, Health@999 catering to young first-time health insurance buyers, who are buying their first health insurance cover. The latest offering is the first of its kind in the Indian digital payments space and provides comprehensive health coverage at an affordable price. The highlight of the product is the simple 3-step process that only requires the user to provide details like name, age, gender, and email ID to buy the policy, eliminating the otherwise cumbersome processes that new and young buyers are deterred by.

Health @999, at its low price point, offers coverage for hospitalization expenses including in-patient and ICU hospitalisation, day care procedures, ambulance charges, and Ayush treatment among others. The cashless hospital network for the plan stretches across 7600 hospitals in the country. Health @999 can be availed via PhonePe instantly and comes with the lifetime renewability feature.

Speaking on the launch, Gunjan Ghai, VP & Head of Insurance, PhonePe said, “The Health@999 is designed for first-time insurance buyers, giving them access to high quality and affordable Health Insurance. We believe that 335+ million PhonePe users will greatly benefit from this offering which can be purchased quickly and easily on the PhonePe app. Our offering is designed with the idea that all Indians deserve access to high quality and affordable Health Insurance – irrespective of their income, or education status. PhonePe with its deep expertise in bringing the best Insurance products to the market will help its users make better and smarter choices to reduce the financial risk of unforeseen events in their lives.”

News

PhonePe launches Term Life Insurance plans starting at INR 149 p.a

Jan 8, 2021 by Rekha Nair 0 Comments #Gunjan Ghai, #VP & Head of Insuranceat PhonePe

National: PhonePe, India’s leading digital payments platform, today announced the launch of Term Life Insurance plans on its platform, in association with ICICI Prudential Life Insurance Co Ltd. With this launch, millions of PhonePe users can now protect their families from financial turmoil in the event of an untimely demise. The premiums start from as low as Rs 149 per annum. This policy can be availed instantly on the PhonePe app without any health check-ups and paperwork through an all digital customer experience.

India’s population has an insurance penetration of just 2.73%. Lack of awareness, confusion about the myriad paperwork and sub optimal experience with the hassle of a health check, have been the key reasons for this problem. This is especially true for Indians in tier 2 cities and beyond. PhonePe with its 250 million+ user base aims to improve awareness and penetration of term life insurance products and solve this industry wide issue.

All of PhonePe’s users aged 18 to 50 years and earning INR 1 lakh per annum or above can avail this policy instantly on the platform. Furthermore, without the hassle of the usual health check-up, and with zero paperwork, this policy insures the user for a sum ranging from ₹1 lakh to ₹20 lakhs, depending on the premium amount, and can be renewed seamlessly upon expiration on the PhonePe app.

Commenting on the launch, Gunjan Ghai, VP & Head of Insuranceat PhonePe said, “Insurance as a product has remained largely unpenetrated in India especially in the geographies, age and income groups that need it the most. Prohibitive costs of creating awareness and then the cost and effort of distributing the right ticket size term insurance product are largely responsible for this issue. We at PhonePe are excited to partner with ICICI Prudential to help solve this problem and also to help our user base with a unique product specially tailored for their needs.”

Users of PhonePe can obtain their term life insurance in a few simple steps. In the “My Money” section of the app (both Android & iOS) they can visit the “Insurance” section and proceed by selecting ‘Term Life Insurance’ and select the sum they would like to be insured for. After providing basic details of the person being insured and their nominee, the user can complete their purchase by paying instantly online through PhonePe.

Business World

PhonePe expands its Insurance portfolio with the launch of Car & Bike Insurance

Oct 14, 2020 by Gouri Achary 0 Comments #bike insurance, #car insurance, #Gunjan Ghai, #Insurance, #PhonePe, #Sourabh Chatterjee

PhonePe, India’s leading digital payments platform, today announced the launch of Car and Bike Insurance products on its platform for owners of private cars and two-wheelers, in association with Bajaj Allianz General Insurance, one of India’s leading general insurers. With this launch, over 230 million registered PhonePe users can now insure their vehicles seamlessly in under 2 minutes, without the need for any documents to be uploaded before the purchase and also view their policy documents instantly on the app. PhonePe’s Car and Bike insurance products are also among the most affordable ones available in the market today.

What is also noteworthy is that PhonePe’s Car and Bike insurance customers can get hassle-free renewals, cashless repair services at an extensive countrywide network of garages and instant claim settlement within 20 mins. PhonePe users can also customise their Car insurance plan based on their needs with a range of value-added offerings such as Zero Depreciation, 24X7 Roadside Assistance and engine protection among others. Zero depreciation helps protect the vehicle regardless of the annual depreciation in the value of its parts and pays for the entire claim amount, thereby limiting out-of-pocket expenses for the users.

Commenting on the launch, Gunjan Ghai, VP & Head of Insurance at PhonePe said, “We are delighted to launch Car and Bike insurance products for our users. This is in line with our goal to be a one-stop destination for all insurance needs of our customers, We believe there is tremendous headroom for growth in the motor insurance segment as two-wheelers account for 70% of the vehicles in the country and a bulk of these are uninsured. With our reach and customer-first approach, we are offering a simple, quick and convenient way to buy motor insurance while also enabling smooth renewals. We remain deeply committed to making insurance affordable and accessible for our over 230 million users and will be launching many new products in the near future.”

Sharing his perspective, Sourabh Chatterjee, President & Head – IT, Web Sales & Travel at Bajaj Allianz General Insurance said, “Motor insurance is necessary and provides protection during accidents. Still, we have many vehicles across India, both two-wheelers and four-wheelers, which are either not insured or are underinsured. At Bajaj Allianz General Insurance, our endeavour has always been to offer insurance products in the market that are simple, easy to understand, purchase and claim for our customers. Our partnership with digital platform providers are another small but giant step in that direction and hence we are very excited with this launch. We will be coming up with more new and innovative products on this platform in the future.”

PhonePe users can get their bikes and cars insured in a few simple steps. All they need to do is to go to the “My Money” section of the app (both Android & iOS) and visit the “Insurance” section. Both Car & Bike insurance products will be visible under the Motor Insurance section. Customers just need to select the desired insurance coverage for their vehicle, fill up the details and make the payment.