PhonePe, a leading FinTech platform in India, has unveiled a new ‘pre-approved term life insurance’ feature on its app, as it looks to make insurance more accessible to millions of Indians.
This new feature was developed to address the significant barrier of income proof that many individuals face when purchasing term life insurance, according to FF News.
By removing the need for income verification, PhonePe aims to make insurance coverage both more accessible and affordable for users across different socio-economic groups.
The firm is a prominent digital payments platform in India that offers a wide range of financial services, including payments, money transfers, and insurance products.
The company has built a strong reputation for enabling seamless and secure transactions, reaching millions of users across the country.
The newly launched pre-approved term life insurance feature allows users to obtain life insurance coverage without the need for extensive income documentation.
This is particularly beneficial for user groups such as merchants, self-employed individuals, and gig workers who often lack formal proof of salary or income. Through this initiative, PhonePe is expanding its insurance offerings to a broader audience, aiming to reach 50 million users by the end of the year.
The company has collaborated with leading insurance providers to bring this feature to its platform. This partnership allows insurance providers to serve a previously underserved market segment, including over 30 million individuals who were previously unable to access term insurance due to income proof requirements.
In addition to its accessibility, the feature is backed by PhonePe’s sophisticated technology, which identifies a user base eligible for the pre-approved term insurance process. This is done in collaboration with insurance providers, ensuring that the process adheres to the underwriting principles set by regulatory bodies.
Commenting on the launch, Vishal Gupta, CEO at PhonePe Insurance Broking Services, said, “We are excited to announce the launch of the ‘pre-approved sum assured (PASA)’ feature on our platform. This launch is aimed at bringing the previously under-served customers into the term life insurance net by making the products more accessible and affordable to Indians across various socio-economic strata. By partnering with industry leaders and collaborating with them deeply we are able to simplify user experience and deliver tailor-made offerings that are industry leading and solving for specific cohorts in an inclusive manner. Our mission is to drive insurance adoption in the country by making the insurance buying process simple, easy and affordable for all.”
PhonePe continues to innovate within the FinTech space, constantly developing new features to enhance user experience and drive financial inclusion across India.
The company’s focus on simplifying the insurance buying process underscores its broader mission to make financial services more accessible to all.
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