PhonePe has unveiled a ‘pre-approved term life insurance’ feature on its platform, designed to make insurance coverage more accessible and affordable for millions of users. This new offering eliminates the need for proof of income, significantly simplifying the process of purchasing term life insurance.
In partnership with insurance providers, PhonePe has introduced this feature to cater to a broad range of users who were previously excluded from term insurance due to the lack of formal income documentation. This initiative is particularly beneficial for more than 30 million individuals, including merchants, self-employed professionals, gig workers, and other user groups who do not have traditional proof of salary or income.
Vishal Gupta, CEO, PhonePe Insurance Broking Services, emphasised on the significance of this launch in addressing the needs of under-served customers. He noted, “This launch is aimed at bringing 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.”
