PhonePe boosts its fin services, unveils 6 products in 4 months


phonepePhonePe, India’s leading digital payments platform has supercharged its financial services portfolio by launching six new products in the insurance and wealth management space in the last 4 months.

In its official communiqué, the company has credited its cutting-edge technology platform as a catalyst behind its continuous innovation. It has also accredited the passion of its employees and aligned partners as the key pillars for helping them launch multiple products despite the lockdown.

Speaking about PhonePe’s Financial Services journey, Hemant Gala, Vice President, Financial Services & Payments, said,“PhonePe is building India’s most comprehensive Financial Services platform. Our philosophy has always been to launch customer-centric products backed by a deep understanding of customer needs, with simplified payment flows. The customer response to our recent launches has been phenomenal, and we have already become the fastest-growing insure-tech distributor in India and have also seen Mutual Fund investments from over 15,000 pin codes across tier 1,2 & 3 cities and towns.  We will be launching multiple tailor-made products in the financial services space addressing key use cases and solving critical customer problems by the end of the year.”

Vishal Gupta, Head of Product Management at PhonePe added, “We believe that buying insurance and investing in Mutual Fund products should be a simple, frictionless and secure process. All our Financial Service products have been built keeping the above principles in mind. What is also noteworthy is that despite the lockdown, our pace of product development did not slow down and we were able to bring new offerings to the market with the same cadence that we had set for ourselves in the beginning of the year. The deep collaboration, efficient communication and flawless execution across business and products teams made this possible. We will continue to innovate and deliver use case led products while we build out India’s largest Financial Services platform.”

 PhonePe’s new launches in the last four months:

  • The Personal Accident: Launched in July. Offers the customer or its nominee a fixed, lumpsum amount in the unfortunate event of death or total permanent disability of the insured due to an accident. Premium for the same starts from Rs. 24 to Rs. 480 with sum insured ranging from 1 Lac to 20 Lacs.
  • The Dengue & MalariacoverLaunched in July. Offers policyholders a fixed cash payout amount on diagnosis and more than 48 hours of hospitalisation due to 6 vector borne diseases including Dengue, Malaria, Japanese Encephalitis, Kala-Azar, chikungunya and filariasis
  • Hospital Daily Cash: Launched in July. Offers a per day cash payout for upto 15 days on hospitalisation with a minimum 48 hours of hospitalisation payable from second day onwards. Premiums start from Rs.130 and Sum insured available amount goes upto Rs.75,000
  • CoronaVirus Insurance Policy: Launched in April. Offers a cashless and reimbursement payout for diagnosis and hospitalisation due to Covid-19 – upto Rs.1 lac – with prices starting from Rs.396
  • Domestic Travel InsuranceLaunched in June.Offers an affordable annual insurance cover of up to Rs. 5 lakhs for a number of travel-related untoward incidents for Rs 499
  • Super Funds:Launched in May. A comprehensive investment solution managed by professional Fund Managers that invests across multiple top equity, gold and debt funds of different mutual fund companies to help investors create long-term wealth in a safer way. Investors can begin investing with as little as Rs 500 per month.

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