PhonePe Launches Term Insurance for it’s Users

PhonePe Launches Term Insurance

Online Payment  platform PhonePe launches term Insurance for it’s users . PhonePe Launches this Term Insurance Plan  with ICICI Prudential Life .  In This Term Insurance Plan Maximum Life Cover is of 20 Lakh Rupees and premium is Rs 3,517 . Let’s Understand more about this Policy .

What is ICICI Pru Group Term Plus

It is the term insurance policy and it covers the members of your group . Any Organisation , Company , Factory , Small Enterprises can opt for this Group Term Insurance .  It gives the sum assured of 20 Lakhs Rupees to the nominee in case  Policy Holder Dies .

Also Read 5 Financial mistakes which most of us do and should avoid

Benefits of ICICI Pru Group Term Plus

1- Can Avail this Policy at Minimum Price i.e Rs 149 per Year and sum assured will be 2 Lakh rupees

2- No need of any medical test  under this policy .

How to Buy This Term Insurance from PhonePe ?

Buying this Term Insurance from PhonePe a two minutes process .

1- Open PhonePe App .

2- Click on My Money .After Clicking My Money Click on Insurance Option .

3- You will get an Option of Life . Under Life Choose Term Insurance .

4- When you choose Term Insurance . It will ask for the Life Cover which you want to choose . Below are all Life Cover Plan Offered by PhonePe .

Life Cover Validity Premium Price
Rs 20,00,000 1 Year Rs 3,517
Rs 10,00,000 1 Year Rs 1,759
Rs 5,00,000 1 Year Rs 880
Rs 1,00,000 1 Year Rs 149

 

5- After Selecting Suitable Plan for you . Click on GET POLICY in Just 2 Minutes .

6- Enter Your Date of Birth , PIN Code . Select Gender . Click on Continue .

7- Fill Your Nominee Details . . Click on Next

8- After This you Have Pay Option . Click on Pay and after Entering your PIN you will receive a Notification of Successful Payment .

9- Now You Have Secured the future of your loved one’s .

Why PhonePe Launches this Group Term Insurance Plan ?

In India Around 4-5% People are insured and PhonePe Took this as an opportunity . There are Around 22 Million Users of PhonePe and suppose only 1% of registered Users opt for this Term Insurance then the  Commission PhonePe Receives Through This Term Insurance will be Huge and also it will be On Recurring Basis . PhonePe use this amount for it’s Future Growth .

How it is Beneficial for Users ?

It will be very beneficial for users . As Age Limit for this Plan is 18-70 Years . User don’t have to contact any branch , agent for this . Just Simply Tap on Insurance Option and in 2 Minutes He secures the future of it’s Family Members .

Disadvantage of this Term Insurance

Since This Term Insurance doesn’t ask for ITR so you don’t get Life Cover of More Than 20 Lakh and it is assumed that Life Cover Should be 10 Times of your Annual Income . So It is Beneficial for only who has a maximum Income of 2 Lakhs Rupees . If you are earning more than 2 Lakhs then you should opt for other Term Insurance Plans .

Conclusion

PhonePe main aim for this Term Insurance is those users who are earning around 2 Lakh Rupees Per Year . so it is beneficial for those but not for those who are earning more than this . Users Earning 2 Lakhs Per Year can opt for this Insurance if they wish .

 

Disclaimer – All the review done here is author’s Own Point of View and for education purpose only .   Consult your Financial adviser for any Investment

 

 

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