New Delhi: PhonePe Insurance Broking Services on Tuesday announced the launch of health insurance plans that will for the first time in India offer monthly subscriptions, a move that can reduce the burden of one-time payments for the citizens amid price pressures.
The health insurance plans, in partnership with leading insurers, are introducing UPI monthly mode of payment, the company said in a statement.
The health insurance plans, which come with coverage up to one crore rupees, allow users to choose any hospital room without any cap.
Health insurance in India is relatively very under-penetrated for various reasons ranging from lack of awareness to affordability issues. Big corporates including Star Health and leading banks such as HDFC Bank, ICICI all offer health insurance packages, while the central and some state governments too have health insurance scheme for citizens of the world’s most populous country.
“One of the biggest barriers in buying Health Insurance has been affordability and we have solved the same by creating India’s first Health Insurance marketplace focused on monthly payments,” said Hemant Gala, Vice President Financial Services at PhonePe said. “We believe this will drive deep penetration with users being able to pay in monthly subscriptions with a much lower financial burden.’’
PhonePe has sold more than 5.6 million policies to date. PhonePe Insurance platform has also sold policies across 98% of India’s PIN codes and has served more than 200 Mn vehicle insurance quotes.