National 2020: PhonePe, India’s leading digital payments platform announced that it processed over 11 million insurance policy premium payments in the last one year. PhonePe provides customers with a simple, quick and secure option to pay insurance premiums for over 30 insurers. The need for this feature has been strongly validated with PhonePe witnessing strong and active participation from tier-2 and tier-3 cities with 80% of the premiums being paid by customers residing in these markets.
PhonePe provides customers the added convenience of instantly-downloadable payment receipts for insurers to enable them to avail tax benefits in addition to zero convenience fees. This has resulted in PhonePe sustaining high premium payment volumes in this category since its launch. PhonePe also saw a massive spike in premium payments during the lockdown as users chose not only to pay premiums for their own policies, but also for their families and friends.
Commenting on the milestone, Ankit Gaur, Director of Business at PhonePe said, “The digital payments landscape is rapidly changing the way people are transacting and investing. Insurance as a sector is benefiting immensely from these macro trends. The PhonePe platform offers unmatched convenience and reliability for making premium payments in a jiffy. This has made us the platform of choice for millions of insurance policyholders across the nation. Digital payments will only continue to grow in popularity and we are on course to achieve our goal of building a truly open payments platform for a billion Indians.”
To pay insurance premiums on PhonePe:
Step 1: Select “LIC/Insurance” from the PhonePe homepage
Step 2: Select your Insurance service provider”
Step 3: Enter your details
Step 4: Click Confirm, select the payment instrument and complete the payment
Step 5: For LIC, download the payment receipt instantly from the PhonePe app