Chennai, NFAPost: PhonePe, India’s leading digital payments platform, in partnership with ICICI Lombard, one of India’s leading non-life private insurance companies, has announced the launch of Hospital Daily cash benefit under Group Safeguard Insurance, a sachet-based group insurance product.

It is a customized hospitalization policy that allows PhonePe users to get an assured amount if they are hospitalized due to injury or illnesses including COVID-19.

The biggest benefit of this product is that hospital bills are not required for the claim. A Discharge Certificate would be sufficient in most cases for the claim processing.

The cover can be availed in less than 2 minutes as the process is quite simple and customers can view their policy documents instantly on the app.

Hospitalisation insurance

This is one of the most affordable hospitalisation insurance policies available in the market today. PhonePe users in the 18-65 age group can get this product on the app and don’t need to undergo any prior medical tests.

The Hospital Daily Cash benefit enables customers to choose a cover from Rs 500 per day up to Rs 5,000 per day at an annual premium starting at just Rs 130 including taxes, effectively costing just Rs 0.35 per day.

A minimum of 48 hours hospitalisation is required for being eligible for a claim along with a deductible of one day for each claim. This is applicable for hospitalisation at any government or private hospital across the country.

Customers get double the insurance cover amount if they are admitted to an ICU. Customers who already have mediclaim policies, employer health insurance, self-funded means of paying hospital bills would also be eligible for the claim payout benefit.

Affordable insurance

Commenting on the launch, PhonePe Vice President & Head of Insurance Gunjan Ghai said in the current situation, people are worried about hospitalisation expenses.

“This includes both customers who already have medical insurance and those who don’t have it. Insurance products in India have traditionally been designed and targeted at the relatively affluent segment. This leaves a huge untapped pool of customers who need highly affordable insurance products customized for their needs,” said PhonePe Vice President & Head of Insurance Gunjan Ghai.

PhonePe Vice President & Head of Insurance Gunjan Ghai said the company believes that with Hospital Daily Cash benefit, customers will no longer need to worry about expenses arising due to hospitalization for most diseases including COVID-19.

“We remain deeply committed to making insurance affordable, simple and accessible for our 200+ million users,” said PhonePe Vice President & Head of Insurance Gunjan Ghai.

Sachet-based product

On the launch, ICICI Lombard General Insurance Executive Director Sanjeev Mantri said the company is delighted to associate with PhonePe for the launch of Hospital Daily Cash benefit under Group Safeguard Insurance as a unique sachet-based product.

“At ICICI Lombard, our focus is to support our customers in their hour of need, thereby demonstrating our brand ethos of Nibhaye Vaade. We have always strived to be in sync with changing customer requirements and in these challenging times, affordable products are the need of the hour,” said ICICI Lombard General Insurance Executive Director Sanjeev Mantri.

Further, ICICI Lombard General Insurance Executive Director Sanjeev Mantri said benefits like assured cash in the event of hospitalisation without the need of a bill should provide additional help and convenience to customers in these challenging times.

My money section

PhonePe users can get insured under this cover on the app in a few simple steps. All they need to do is to go to the homepage or the Insurance tab under the “My Money” section of the app (both Android & iOS). They just need to select Hospital Cash under the Insurance section, fill up the details of the insured and make the payment.

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.

The digital payment platform 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 100 apps including Ola, Myntra, IRCTC, Goibibo, RedBus, Oyo etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 11 million merchant outlets across 500 cities nationally.

ICICI Lombard General Insurance is one of the leading private sector non-life insurers in India based on gross direct premium income in fiscal 2020. The company offers 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.

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