PhonePe announces foray into insurance, launches international travel insurance on app

Bengaluru-based payments major PhonePe on Thursday announced its foray into the insurance segment with the launch of international travel insurance in collaboration with Bajaj Allianz General Insurance.

In a statement, PhonePe said that its travel insurance offering comes at a starting price of Rs 216, and offers instant refunds with no cancellation charges before the travel start date, and 24x7 international travel assistance for customers throughout their journey across 220 countries.

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Commenting on the launch, Hemant Gala, Head Payments, Banking & Financial Services, PhonePe said,

“At PhonePe, we are working with the goal to simplify financial products, and drive access to those solutions to millions of our customers. We would be offering a wide range of unique financial products through this year as we go deeper into understanding consumer needs and solving them through strong partnerships in the industry.”

Both leisure and business travellers can purchase travel insurance on the PhonePe app. Users can also save their policy certificates along with their basic information on the app to make repeat purchases simpler, PhoenPe said.  

Commenting on the launch, Gunjan Ghai, Head of Insurance, PhonePe said,

“Our travel insurance product is an indication of our commitment to providing business and leisure travelers with insurance coverages that are convenient to not only buy but also self-service. We believe our travel insurance offering is empowering for customers, especially when they can carry their policy on their mobile while abroad. We are actively working with reputed insurance partners to introduce new categories of insurance products so that PhonePe customers will have to look no further than the PhonePe app for all their insurance needs.”

PhonePe has been lately been introducing newer financial services products on its app.

Earlier this month, the Flipkart-owned payments platform announced the launch of a new savings product ‘Liquid Fund’ on its app.

The all-digital product aimed to help PhonePe users grow their savings by earning higher short-term FD-like returns with the ease and liquidity of a savings account.

Also, PhonePe launched its first wealth management product in March last year. 

Launched in partnership with two asset management companies (AMCs) – ICICI Prudential and Aditya Birla Sun Life – the company offered an equity linked savings schemes (ELSS) to help people save taxes under Section 80C of the Income Tax Act.

(Edited by Evelyn Ratnakumar)

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