Flipkart-owned digital payments platform PhonePe, along with ICICI Lombard on Tuesday, announced the launching of a comprehensive, industry-first domestic multi-trip insurance cover, which will be exclusively available for PhonePe users.
With the lockdown ending and domestic travel gradually starting across the country, the policy will provide one of the most affordable annual insurance covers for unlimited trips, as it aims for a stress-free travel experience for its customers by covering risks associated with all modes of travel within the country (road, rail, and air).
Speaking on the launch, Gunjan Ghai, VP and Head of Insurance, PhonePe, said,
“The product offers cover for all modes of transport for unlimited trips in a year, while also providing very relevant features in the current unlocking 1.0 scenario. We believe this solution will provide policyholders peace of mind so that they can focus on enjoying their travel without any worry. We remain deeply committed to making insurance affordable, simple, and accessible for over 200 million PhonePe users.”
PhonePe users can purchase the domestic multi-trip insurance policy under the “My Money” section on the digital payments app. The policy purchase process takes less than two minutes, and customers will be issued their policy documents instantly on the PhonePe app.
Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance, said,
“At ICICI Lombard, our focus is to support our customers in their hour of need, thereby demonstrating our brand ethos of 'Nibhaye Vaade.' As we get back to normal life amid social distancing, this product will surely benefit a large number of travellers, safeguarding them from any unforeseen circumstances. Further, the multi-trip, multi-mode makes this solution a convenient, cost-effective, and extremely appealing proposition for the frequent traveller.”
Earlier in May, PhonePe had launched Super Fund, a solution that invests across multiple top equities, gold, and debt funds of different mutual fund companies to help investors create long-term wealth in a safer way.
PhonePe partnered with investment manager Aditya Birla Sun Life Mutual Fund (ABSLMF) to launch this product.
Edited by Suman Singh