 "PhonePe Insurance launches monthly subscriptions for health policies")
PhonePe Insurance Broking Services on Tuesday launched health coverage plans with a UPI-based monthly mode of payment, it said in a statement.
The company, a wholly owned subsidiary of fintech major PhonePe, said it has sold more than 5.6 million policies. Its insurance plans have a coverage of up to Rs 1 crore and allow users to choose any hospital room without limit.
"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. We believe this will drive deep penetration with users able to pay in monthly subscriptions with a much lower financial burden," said Hemant Gala, vice president of financial services at PhonePe.
The company said that a user can avail of a bonus cover up to seven times the base cover amount for each claim-free year.
Customers can purchase health insurance on the company’s website, compare policies, and set up a monthly mandate or pay annually for a policy.
The company said its health insurance plans provide pre and post-sales assistance to help users make decisions, file claims, and access other services.
PhonePe Insurance Broking Services is registered with IRDAI (Insurance Regulatory and Development Authority) as a direct broker (life and general).