- Comprehensive insurance policy covers expenses or losses from all kinds of travel-related incidents
- Sum insured up to ₹ 5 lakhs at just ₹ 499 annually
With the lockdown ending and domestic travel gradually starting across the country, PhonePe, India’s leading digital payments platform, today announced the launch of a comprehensive, industry-first domestic multi-trip insurance cover in a strategic partnership with ICICI Lombard, India’s largest non-life insurance company. This product exclusively available for PhonePe users, provides one of the most affordable annual insurance covers for unlimited trips. This unique solution takes a leap forward from traditional travel insurance removing the need to insure every trip separately and will benefit both business and leisure travellers.
The new launch enables 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 travellers who may be worried about stepping out during the COVID-19 pandemic, this unique, 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 needs of customers who prefer buying domestic travel insurance every time they book a ticket or a cab. With 365-days protection at just INR 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 INR 1,000 payout for trip cancellation due to government lockdown. In addition to this, it also provides cover against death or hospitalization due to an accident during the journey with a sum assured of INR 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.
Speaking on the launch, 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.”
On the launch, 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 the domestic multi-trip insurance policy under the “My Money” section on the PhonePe app. The policy purchase process takes less than 2 minutes and customers will be issued their policy documents instantly on the PhonePe app.
PhonePe is India’s leading digital payments platform with over 200 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of digital gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform.
PhonePe has since launched Mutual funds and Insurance financial products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 180 apps including Ola, Myntra, IRCTC, Goibibo, redBus, Oyo etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 10 million merchant outlets across 400 cities nationally.
About ICICI Lombard General Insurance Company Ltd
We are the largest private-sector non-life insurer in India based on gross direct premium income in fiscal 2020 (Source: IRDAI). We offer our customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.