Ageas Federal Life Insurance, one of India’s top private life insurers, has forged a partnership with PhonePe to offer Instant Term Insurance to its large customer base. This innovative collaboration marks a significant milestone, as Ageas Federal Life Insurance becomes the industry’s first insurer to offer Instant term insurance via the PhonePe platform. This effort aims to increase insurance penetration in India, particularly in Tier 2, 3, and 4 cities, by using PhonePe’s vast network of 20 crore monthly active users.
PhonePe users aged 18-45 can now easily access the ‘Ageas Federal Life Insurance Group Term Plan’ through the app, benefiting from a seamless digital application procedure that does not require medical testing or excessive documentation. Users can choose a sum assured ranging from Rs. 5 lakh to Rs. 25 lakh and make monthly or yearly premium payments starting at Rs. 5,000 per year. This relationship is based on a shared vision of leadership and innovation, offering insurance products to millions of underserved clients while confirming both brands’ commitment to making financial protection available to all.
Speaking on the partnership, Sachin Gupta – Business Head – Digital & D2C, Ageas Federal Life Insurance, said, “We at Ageas Federal Life Insurance are extremely excited about our partnership with Phone Pe. Not only does it help us realize our commitment to make insurance accessible to all, but the digitization of the process will also ease the customer journey. The end-to-end 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 the touch of their fingers.
Also read: Life Insurance Industry Prepares for Next-Gen Innovations
Nilesh Agarwal – Head of Insurance, PhonePe said “We are delighted to partner with Ageas Federal Life Insurance as we continue our journey to provide market-leading customized products with exceptional service and customer experience. We believe 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. 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.”
