PhonePe recently announced a partnership with Star Health and Allied Insurance Company Ltd. (Star Health Insurance), to offer customers health insurance with a monthly and annual payment option. With this partnership, PhonePe users will now be able to avail of ‘Star Comprehensive Insurance Policy’ on the PhonePe app with coverage up to Rs.1 Crore, it said in the press release.
Star Health Insurance’s Comprehensive Health Insurance will be offered to customers with a monthly premium payment plan and users can also opt to pay their premium with the UPI AutoPay mandate. This move was driven by a critical insight that smaller monthly payments ease the financial burden for users while empowering and enabling them to opt for more extensive insurance coverage without stretching their finances.
Vishal Gupta, CEO of PhonePe Insurance said “PhonePe is excited about this partnership with Star Health. Star’s differentiated benefits combined with PhonePe’s distribution, customer centric approach and simple DIY journeys will help turbocharge insurance adoption and penetration in the country. We are on a mission to help turn India from an underinsured nation to one that is adequately insured and view this partnership with Star as a crucial milestone in this journey.”
Anand Roy, MD and CEO of Star Health Insurance, said, “We are excited to partner with PhonePe and offer health insurance targeted at Gen Z and Millennials since people in that group are digital natives. The partnership between Star Health Insurance and PhonePe will provide consumers with a hassle-free payment option that is light on the pocket and at the same time meets their wellness needs.”
