Ageas Federal Life Insurance has partnered with PhonePe to offer instant term insurance to its extensive customer base. This collaboration positions Ageas Federal Life Insurance as the first insurer in the industry to provide instant term insurance via the PhonePe platform. The initiative aims to boost insurance penetration across India, particularly in tier-III and tier-IV cities, leveraging PhonePe’s network.
PhonePe users aged 18-45 years can now access the ‘Ageas Federal Life Insurance Group Term Plan’ through the app. The digital application process is designed to be seamless, eliminating the need for medical testing or extensive documentation. Users can select a sum assured ranging from Rs 5 lakh to Rs 25 lakh and opt for monthly or yearly premium payments starting at Rs 5,000 per year.
This partnership underscores both brands’ shared vision of leadership and innovation, aiming to provide insurance products to millions of under-served customers while reinforcing their commitment to make financial protection accessible to all.
Speaking on the partnership, Sachin Gupta, Business Head – Digital and D2C, Ageas Federal Life Insurance, said, “We, at Ageas Federal Life Insurance, are extremely excited about our partnership with PhonePe. This collaboration not only helps us realise our commitment to make insurance accessible to all, but also simplifies the customer journey through digitisation. The entire process of purchasing a policy, from application to issuance, can be completed swiftly and seamlessly, with policies issued instantly. Through this partnership with PhonePe, we are confident of creating a robust distribution channel for digitally-savvy customers and securing a fearless future for all.”
This collaboration aims to streamline the life insurance purchasing process, providing customers with a transparent and hassle-free experience at their fingertips.
Nilesh Agarwal, Head – Insurance, PhonePe, added, “We are delighted to partner with Ageas Federal Life Insurance as we continue our journey to provide market-leading customised products with exceptional service and customer experience. There are complementary synergies between our work ethos and offerings, and this partnership will enable us to offer needs-based life insurance solutions seamlessly to our customers. The Ageas Federal Life Insurance Group Term Life insurance plan will be fully integrated into the PhonePe platform. This association benefits PhonePe significantly as we now offer group term life insurance for the first time.”
