PhonePe starts Rs 999 health insurance aimed at young first-time buyers

#Health Insurance, #PayTm, #PhonePe, #UPI

Digital payments and financial services company PhonePe said on December 2 that it has introduced a new health insurance plan that starts at Rs 999 to cater to young first-time health insurance buyers.

The plan offers coverage for hospitalisation expenses including in-patient and ICU hospitalisation, daycare procedures, ambulance charges, and Ayush treatment among others, and can be availed across 7,600 hospitals in the country.

The pandemic has led Indians to look at health insurance more seriously and there has been a steep rise in online purchase of insurance. To make it easier for young customers to purchase the cover, PhonePe said that it has put in place a three-step process.

Users only need to provide details like name, age, gender, and email ID to buy the policy, eliminating the otherwise cumbersome processes that new and young buyers are deterred by.

Gunjan Ghai, VP and Head of Insurance at PhonePe said, “We believe that 335+ million PhonePe users will greatly benefit from this offering which can be purchased quickly and easily on the PhonePe app. Our offering is designed with the idea that all Indians deserve access to high quality and affordable Health Insurance – irrespective of their income, or education status.”

After Walmart-backed PhonePe became the largest player on Unified Payments Interface (UPI) with a 47 percent share in monthly payment values, the company has been expanding its ambit of financial services offerings.

The company had entered the insurtech space in 2020 with an insurance corporate agent licence, which allowed it to partner with only three insurance companies per category i.e. health, life and general.

In August this year, PhonePe secured an insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI) which allows the company to distribute insurance products from all insurance companies in India.

It has now introduced more products under international travel insurance, life insurance, insurance for the COVID-19 pandemic, and accident insurance among others.

PhonePe has also forayed into the mutual fund space and offers investments across categories such as tax-saving funds and liquid funds.

The company’s super app proposition is a rival to payments player Paytm. Like Paytm’s wallet, PhonePe’s core payments product UPI serves as its customer acquisition funnel leading users to purchase other services on the platform.

News Related

OTHER NEWS

Rel Ind Infra Standalone December 2021 Net Sales at Rs 16.39 crore, up 29.4% Y-o-Y

Reported Standalone quarterly numbers for Reliance Industrial Infrastructure are: Net Sales at Rs 16.39 crore in December 2021 up 29.4% from Rs. 12.67 crore in December 2020. Quarterly Net Profit ... Read more »

Sharda Crop Standalone December 2021 Net Sales at Rs 710.40 crore, up 84.45% Y-o-Y

Reported Standalone quarterly numbers for Sharda Cropchem are: Net Sales at Rs 710.40 crore in December 2021 up 84.45% from Rs. 385.15 crore in December 2020. Quarterly Net Profit at ... Read more »

National Steel Standalone December 2021 Net Sales at Rs 200.15 crore, down 62.94% Y-o-Y

Reported Standalone quarterly numbers for National Steel & Agro Industries are: Net Sales at Rs 200.15 crore in December 2021 down 62.94% from Rs. 540.00 crore in December 2020. Quarterly ... Read more »

Gold muted as Fed caution counters Ukraine risks

Gold prices were steady on Tuesday, as concerns about a faster pace of U.S. Federal Reserve policy tightening countered safe-haven demand fuelled by escalating Ukraine tensions. Spot gold was little ... Read more »

OM Infra Standalone December 2021 Net Sales at Rs 57.40 crore, up 31% Y-o-Y

Reported Standalone quarterly numbers for OM Infra are: Net Sales at Rs 57.40 crore in December 2021 up 31% from Rs. 43.82 crore in December 2020. Quarterly Net Profit at ... Read more »

20 Microns Standalone December 2021 Net Sales at Rs 135.40 crore, up 0.68% Y-o-Y

Reported Standalone quarterly numbers for 20 Microns are: Net Sales at Rs 135.40 crore in December 2021 up 0.68% from Rs. 134.48 crore in December 2020. Quarterly Net Profit at ... Read more »

Apollo Tricoat Standalone December 2021 Net Sales at Rs 719.91 crore, up 43% Y-o-Y

Reported Standalone quarterly numbers for Apollo Tricoat Tubes are: Net Sales at Rs 719.91 crore in December 2021 up 43% from Rs. 503.44 crore in December 2020. Quarterly Net Profit ... Read more »

Reliance Standalone December 2021 Net Sales at Rs 117,396.00 crore, up 74.18% Y-o-Y

Reported Standalone quarterly numbers for Reliance Industries are: Net Sales at Rs 117,396.00 crore in December 2021 up 74.18% from Rs. 67,400.00 crore in December 2020. Quarterly Net Profit at ... Read more »

Agro Tech Foods Standalone December 2021 Net Sales at Rs 245.52 crore, down 0.33% Y-o-Y

Reported Standalone quarterly numbers for Agro Tech Foods are: Net Sales at Rs 245.52 crore in December 2021 down 0.33% from Rs. 246.34 crore in December 2020. Quarterly Net Profit ... Read more »

Pioneer Distill Standalone December 2021 Net Sales at Rs 54.60 crore, up 70.2% Y-o-Y

Reported Standalone quarterly numbers for Pioneer Distilleries are: Net Sales at Rs 54.60 crore in December 2021 up 70.2% from Rs. 32.08 crore in December 2020. Quarterly Net Loss at ... Read more »

S E Power Standalone December 2021 Net Sales at Rs 12.52 crore, up 58.4% Y-o-Y

Reported Standalone quarterly numbers for S E Power are: Net Sales at Rs 12.52 crore in December 2021 up 58.4% from Rs. 7.91 crore in December 2020. Quarterly Net Loss ... Read more »

Tanla Platforms Standalone December 2021 Net Sales at Rs 364.08 crore, up 45.03% Y-o-Y

Reported Standalone quarterly numbers for Tanla Platforms are: Net Sales at Rs 364.08 crore in December 2021 up 45.03% from Rs. 251.03 crore in December 2020. Quarterly Net Profit at ... Read more »

Oriental Trimex Standalone December 2021 Net Sales at Rs 4.92 crore, up 102.09% Y-o-Y

Reported Standalone quarterly numbers for Oriental Trimex are: Net Sales at Rs 4.92 crore in December 2021 up 102.09% from Rs. 2.43 crore in December 2020. Quarterly Net Loss at ... Read more »

Jyothy Labs Standalone December 2021 Net Sales at Rs 528.65 crore, up 12.62% Y-o-Y

Reported Standalone quarterly numbers for Jyothy Labs are: Net Sales at Rs 528.65 crore in December 2021 up 12.62% from Rs. 469.41 crore in December 2020. Quarterly Net Profit at ... Read more »

Daily Voice | Government keen on expanding Make in India rather than measures for affected sectors in Budget 2022: Raghvendra Nath of Ladderup Wealth

Raghvendra Nath is the Managing Director of Ladderup Wealth Management Since Covid-19 began spreading across India in March 2020, the government has been helping affected sectors and industries through various ... Read more »

Dodla Dairy Standalone December 2021 Net Sales at Rs 532.18 crore, up 13.76% Y-o-Y

Reported Standalone quarterly numbers for Dodla Dairy are: Net Sales at Rs 532.18 crore in December 2021 up 13.76% from Rs. 467.82 crore in December 2020. Quarterly Net Profit at ... Read more »

Ramcoind Standalone December 2021 Net Sales at Rs 268.00 crore, up 8.98% Y-o-Y

Reported Standalone quarterly numbers for Ramco Industries are: Net Sales at Rs 268.00 crore in December 2021 up 8.98% from Rs. 245.92 crore in December 2020. Quarterly Net Profit at ... Read more »

Jasch Ind Standalone December 2021 Net Sales at Rs 62.85 crore, up 42.18% Y-o-Y

Reported Standalone quarterly numbers for Jasch Industries are: Net Sales at Rs 62.85 crore in December 2021 up 42.18% from Rs. 44.20 crore in December 2020. Quarterly Net Profit at ... Read more »

Supriya Lifesci Standalone December 2021 Net Sales at Rs 117.00 crore, up 45% Y-o-Y

Reported Standalone quarterly numbers for Supriya Lifescience are: Net Sales at Rs 117.00 crore in December 2021 up 45% from Rs. 80.69 crore in December 2020. Quarterly Net Profit at ... Read more »

ZF Steering Gea Standalone December 2021 Net Sales at Rs 85.24 crore, up 32.63% Y-o-Y

Reported Standalone quarterly numbers for ZF Steering Gear (India) are: Net Sales at Rs 85.24 crore in December 2021 up 32.63% from Rs. 64.27 crore in December 2020. Quarterly Net ... Read more »

Heritage Foods Standalone December 2021 Net Sales at Rs 657.14 crore, up 11.71% Y-o-Y

Reported Standalone quarterly numbers for Heritage Foods are: Net Sales at Rs 657.14 crore in December 2021 up 11.71% from Rs. 588.24 crore in December 2020. Quarterly Net Profit at ... Read more »

PCBL Standalone December 2021 Net Sales at Rs 1,156.14 crore, up 50.27% Y-o-Y

Reported Standalone quarterly numbers for PCBL are: Net Sales at Rs 1,156.14 crore in December 2021 up 50.27% from Rs. 769.40 crore in December 2020. Quarterly Net Profit at Rs. ... Read more »

Bangalore Fort Standalone December 2021 Net Sales at Rs 2.75 crore, down 20.31% Y-o-Y

Reported Standalone quarterly numbers for Bangalore Fort Farms are: Net Sales at Rs 2.75 crore in December 2021 down 20.31% from Rs. 3.45 crore in December 2020. Quarterly Net Loss ... Read more »

Deepak Nitrite Standalone December 2021 Net Sales at Rs 689.16 crore, up 41.29% Y-o-Y

Reported Standalone quarterly numbers for Deepak Nitrite are: Net Sales at Rs 689.16 crore in December 2021 up 41.29% from Rs. 487.77 crore in December 2020. Quarterly Net Profit at ... Read more »

Lyka Labs Standalone December 2021 Net Sales at Rs 28.18 crore, up 49.02% Y-o-Y

Reported Standalone quarterly numbers for Lyka Labs are: Net Sales at Rs 28.18 crore in December 2021 up 49.02% from Rs. 18.91 crore in December 2020. Quarterly Net Profit at ... Read more »

Budget 2022 expectation: Unify the old and new income tax regime, make tax forms simpler

Budget 2022 Budget 2022 is just a week away. Expectations are high from all stakeholders given the hardship people have been facing since the last two years. The upcoming budget ... Read more »

Supreme Petro Standalone December 2021 Net Sales at Rs 1,296.01 crore, up 39.4% Y-o-Y

Reported Standalone quarterly numbers for Supreme Petrochem are: Net Sales at Rs 1,296.01 crore in December 2021 up 39.4% from Rs. 929.72 crore in December 2020. Quarterly Net Profit at ... Read more »

Ponni Sugars(E) Standalone December 2021 Net Sales at Rs 64.26 crore, up 17.65% Y-o-Y

Reported Standalone quarterly numbers for Ponni Sugars (Erode) are: Net Sales at Rs 64.26 crore in December 2021 up 17.65% from Rs. 54.62 crore in December 2020. Quarterly Net Profit ... Read more »

Ramco Cements Standalone December 2021 Net Sales at Rs 1,549.07 crore, up 15.68% Y-o-Y

Reported Standalone quarterly numbers for The Ramco Cements are: Net Sales at Rs 1,549.07 crore in December 2021 up 15.68% from Rs. 1,339.07 crore in December 2020. Quarterly Net Profit ... Read more »

Kajaria Ceramic Standalone December 2021 Net Sales at Rs 950.49 crore, up 25.68% Y-o-Y

Reported Standalone quarterly numbers for Kajaria Ceramics are: Net Sales at Rs 950.49 crore in December 2021 up 25.68% from Rs. 756.26 crore in December 2020. Quarterly Net Profit at ... Read more »

What should investors do with Axis Bank after Q3 earnings; buy, sell or hold?

Axis Bank share price added two percent in early trade a day after the company announced its December quarter earnings. The bank reported a 224 percent year-on-year rise in its net ... Read more »

What you need to know when purchasing properties with a previous deed of gift

Risks exist in the purchase of properties where there was a previous assignment at nil consideration or a deed of gift, as the transaction could be set aside should the ... Read more »

Cryptocurrency Prices Today: Markets in red as Ethereum, Solana, Cardano fall

The global cryptocurrency market capitalisation rose by 0.50 percent over the last 24 hours to $1.63 trillion, while the trading volume over the same period rose substantially by 53.02% percent to ... Read more »

Surge pricing by cabs in Delhi can't be more than twice the base fare: Draft aggregators scheme

App-based cab aggregators in the national capital will be able to impose surge price that will not be more than double of base fare during peak demand hours, according to ... Read more »

Pune firm says its RT-PCR test can detect 'all current, previous' relevant strains of coronavirus

A health worker collects a swab sample from a man to test for COVID-19, after cases of the Omicron variant were detected in Porto Alegre, Brazil, January 20. (Image: Reuters) ... Read more »

Raise Financial Services raises $22 million in Series A; allocates $15 million for trading platform Dhan

Representative image. Fintech platform Raise Financial Services has raised $22 million in a Series A funding round, the company said on January 25. The round was led by BEENEXT and ... Read more »

Consumer complaints about business reach record high in UK due to COVID shortages

The Institute of Customer Service has been surveying UK consumers since 2008, and found the last year saw the highest number of complaints ever. A record number of people were also willing pay for better service. Read more »

Vodafone Idea expects another hike in mobile services rates this year

Loss-making telecom operator Vodafone Idea may raise mobile services rates this year as well but it will depend on the market reaction to the increase in tariff that the company ... Read more »

President Ram Nath Kovind to address nation today on eve of 73rd Republic Day

President Ram Nath Kovind (File Photo) President Ram Nath Kovind will address the nation today on the eve of the 73rd Republic Day, a Rashtrapati Bhavan communique issued said. The ... Read more »

IMF estimates the impact of omikron on the global economy

Photo: ANP The International Monetary Fund (IMF) released its new estimates for the global economy on Tuesday. Then the UN organization will for the first time make a concrete estimate ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic