Digital payments firm PhonePe has joined hands with ICICI Lombard in a bid to offer industry-first domestic multi-trip insurance cover.
This product will exclusively be available for PhonePe users and it will offer one of the most affordable annual insurance covers for unlimited trips. This unique solution under the strategic alliance takes a leap forward from traditional travel insurance removing the need to insure every trip separately and benefit both business and leisure travellers.
This promises to offer a stress-free travel experience for customers by covering risks associated with all modes of travel within the country (road, rail and air within the country) right from the time a customer leaves home till the time he/she returns.
For domestic travelers, this all-in-one insurance product offers a comprehensive bouquet of benefits that cover losses arising from trip cancellations, home burglary while travelling, missed connecting flights, lost baggage and more. The product also caters to the requirements of customers who prefer buying domestic travel insurance every time they book a ticket or a cab. With 365-days protection at just Rs 499, this is the most cost-effective and hassle-free cover that cuts across all modes of transport.
For air travellers specifically, there is a unique feature of trip cancellation due to hospitalisation and up to Rs 1,000 payout for trip cancellation due to government lockdown. In addition to this, it also provides cover against death or hospitalisation due to an accident during the journey with a sum assured of Rs 5 lakhs. PhonePe now offers customers a complete travel insurance product portfolio with both international and domestic travel insurance catering to the needs of all kinds of travellers.
Gunjan Ghai, VP & Head of Insurance, PhonePe said, “This product reflects PhonePe’s philosophy of finding time and context-relevant products for its customers. We are excited to launch this unique and industry-first insurance cover for domestic travellers. The product offers cover for all modes of transport for unlimited trips in a year while also providing very relevant features in the current unlocking 1.0 scenario. We believe this solution will provide policyholders peace of mind so that they can focus on enjoying their travel without any worry. We remain deeply committed to making insurance affordable, simple and accessible for over 200 Mn PhonePe users.”
Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance said, “We are delighted to associate with PhonePe for this ‘first of its kind’ travel insurance offering. At ICICI Lombard, our focus is to support our customers in their hour of need, thereby demonstrating our brand ethos of Nibhaye Vaade. As we get back to normal life amid social distancing, this product will surely benefit a large number of travelers, safeguarding them from any unforeseen circumstances. Further, the multi-trip, multi-mode makes this solution a convenient, cost-effective and extremely appealing proposition for the frequent traveler.”
PhonePe users can purchase this domestic multi-trip insurance policy under the “My Money” section on the PhonePe app.