 "Acko's car, bike insurance will now be available on PhonePe")
Car and bike insurance products from Acko General Insurance will now be available on PhonePe, the companies announced on Thursday.
Acko General Insurance and PhonePe have joined hands to offer Acko's insurance products through PhonePe's online distribution network.
Acko General Insurance and PhonePe have joined hands to offer Acko's insurance products through PhonePe's online distribution network.
The insurer also said that this collaboration is set to expand in the future, encompassing health insurance and other insurance lines.
As of now, PhonePe offers several insurance products, including health insurance, car insurance, bike insurance, and travel insurance, among others. Insurers on the platform include LIC, Shriram General Insurance, SBI Life, Aditya Birla Health Insurance, and others. On the platform, car insurance plans starts from Rs 6 per day, while bike insurance is from Rs 1.5 per day. The platform offers health and life covers starting at Rs 19 and Rs 24 per day, respectively.
“PhonePe is transforming the insurance landscape in India. We are committed to offering our customers the best Insurance product selection while streamlining the purchasing process,” said Vishal Gupta, CEO of PhonePe Insurance.
Here is a snapshot of the Acko’s insurance offerings
Acko General Insurance provides car insurance prices starting at Rs 2,094. The policy covers damage to third-party property or life, such losses. It also covers damages resulting from accidents or collisions, fire, theft, and damages caused by natural or man-made calamities. It even covers damages from rat bites.
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Additionally, the insurance offers various add-on covers for extra protection. These include Roadside Assistance Cover, No Claim Bonus (NCB) Protection, Engine Protection Cover, Consumables Cover, Compulsory Personal Accident (Owner-Driver), Personal Accident Cover for Passengers, and Paid Driver Protection.
Acko's Bike insurance starts at Rs 457, offering coverage for third-party liability. The policy also includes its own damage cover, available with the Comprehensive Bike Policy. Customers also get a No Claim Bonus (NCB) with up to a 50 per cent discount for five claim-free years. Personal Accident (PA) Cover is also available, providing coverage up to Rs 15 lakhs for permanent disability or death.
Acko facilitates convenient and efficient claim settlement processes online, ensuring a paperless and cashless experience with instant settlements, particularly within 2 hours for minor damages. The insurance further provides a cashless repair service at network garages. The Claim Settlement Ratio (CSR) for the financial year 2022-23 for the two-wheeler portfolio stands at 92.71 per cent.
On the health insurance front, Acko offers a range of comprehensive health insurance plans including, the Acko Platinum Health Insurance Plan, which provides a sum insured of Rs 10 lakh, ensuring financial support for medical care; Acko Platinum Super Top-up Health Insurance Plan, a specialised policy with coverage above the selected deductible, purchasable with or without primary medical insurance.
The insurance company also offers travel, corporate and electronic insurance policies.
“By combining Acko’s customer-first approach and PhonePe’s vast distribution network, we are positioned to offer unmatched value and convenience to millions of customers, reinforcing our commitment to make insurance simple and accessible,” said Sanjeev Srinivasan, CEO of ACKO General Insurance.