PhonePe has announced the launch of its latest home insurance product line, designed to offer homeowners a simple and affordable solution to protect their homes.
NEW DELHI — Fintech major PhonePe has announced the launch of its latest home insurance product line, designed to offer homeowners a simple and affordable solution to protect their homes.
With premiums starting as low as INR 181 (including GST) for coverage ranging from Rs 10 lakh going up to Rs 12.5 crore, buyers can insure both structure and contents of their homes, with the convenience of an end-to-end digital journey, directly on their PhonePe app.
Vishal Gupta, CEO at PhonePe Insurance Broking Services, said, “We believe India’s homeownership aspirations are larger than ever, and PhonePe is eager to be a part of that journey, backed by its expertise. We are committed to making insurance accessible and affordable for every Indian”.
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“The launch of our new home insurance offering is a crucial step in this direction, empowering homeowners to protect their most cherished asset with complete ease. Our trusted solution represents the future of protection – comprehensive and affordable coverage, digitally accessible in minutes through the PhonePe app. We've built this to grow alongside India's ambitions, allowing customers to explore, and choose the right policy seamlessly online. We believe this will transform how consumers secure peace of mind for their homes, while eliminating financial barriers,” Gupta added.
While most home insurance plans come bundled with home loans, this often comes at a higher cost with limited flexibility and the additional burden of paperwork.
PhonePe said it aims to bridge this gap with expertise by offering hassle-free, transparent and accessible solutions to homeowners, whether they have availed a home loan or not.
Users can secure their homes and its contents (furniture, appliances, valuables, etc) against significant risks such as fire, floods, earthquakes, riots and theft, amongst others. This offers homeowners access to a trusted and competitive insurance experience, all within a few taps on the PhonePe app.
Key highlights of the plan include premiums starting from just INR 181 per year (including GST); flexible coverage ranging from INR 10 lakh to INR 12.5 crore; suiting every home and budget; covering over 20 risks such as fire, floods, earthquakes, riots and theft, amongst others; available to all homeowners with or without existing loans; accepted by all banks and lending institutions for home loan requirements; and instant policy issuance with zero paperwork or inspection.