PhonePe launches new insurance coverage for firecracker accidents

National, October 14, 2024: PhonePe, today announced the launch of a new insurance plan, offering comprehensive protection against firecracker-related accidents and providing users with affordable insurance coverage during the upcoming festive season of Diwali. The coverage plan, available at just ₹9 (inclusive of GST), provides PhonePe users up to ₹25,000 comprehensive coverage for 10 days during the festival period to safeguard against any firecracker-related accidents. With this launch, users nationwide can celebrate the festival with security and peace of mind, knowing that in the event of an accident, they are financially protected against hospitalization and accidental death expenses.

Due to firecracker-related injuries during the festive season across the country, PhonePe has introduced this product to combat any potential financial burden against such unexpected events. The Firecracker insurance plan offers 10 days of coverage beginning from October 25th, 2024, at an affordable price of just ₹9. The plan, which can be purchased under a minute on the PhonePe app, also provides comprehensive family coverage by insuring up to 4 family members, including the user, their spouse, and up to 2 children. If a user makes the purchase after October 25th, then the policy cover will start from the purchase date. This short-term coverage is tailored specifically to the festive season, offering affordable and timely protection to users.

Commenting on the launch, Vishal Gupta, CEO at PhonePe Insurance Broking Services, said, “We are excited to introduce PhonePe’s Firecracker Insurance just in time for the festive season. This coverage offers essential protection for families, ensuring they can celebrate with peace of mind, free from concerns about accidents or unexpected financial strain. Our goal is to make insurance both affordable and accessible, allowing everyone to enjoy the festivities safely.”

Here’s how users can avail the insurance cover on the PhonePe app:

Step 1:

First, go to the Insurance section on the PhonePe app & select Firecracker Insurance from the homepage.

Step 2:

You’ll now be able to view your plan details, which include a sum insured of ₹25,000 and a fixed premium of ₹9 along with your plan benefits.

Step 3:

Next, you will be able to view the insurer’s information and get a detailed breakdown of the plan benefits.

Step 4:

Lastly, fill in the policyholder’s details, then tap ‘Proceed to Pay’ to complete the process.

*The “Firecracker insurance” is a descriptive name used purely for illustrative and awareness purposes and forms part of the Group Personal Accident policy underwritten by Bajaj Allianz General Insurance Co. Ltd. (UIN: IRDA/NL-HLT/BAGI/P-P/V.I/151/13-14). PhonePe Pvt Ltd., customers may voluntarily enroll under the said Group Policy. For more details on risk factors, terms and conditions, please read the sales brochure of insurers carefully before concluding a sale. PhonePe does not encourage firecracker bursting and advises taking all necessary safety measures. Please adhere to the bans/restrictions imposed by the Government/regulators for bursting firecrackers. T&C apply”

About PhonePe Group:

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 8 years, the company has scaled rapidly to become India’s leading consumer payments app with 570+ million registered users and a digital payments acceptance network of 40+ million merchants. PhonePe also processes over 290+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.6+ Trillion.
On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

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