Payment app company PhonePe partnered with Star Health and Allied Insurance company (Star Health Insurance) on Wednesday, to offer customers health insurance with a monthly and annual payment option.
PhonePe said its users can now avail “Star Comprehensive Insurance Policy” with up to ₹1 Crore ($120.05 million) in coverage on the PhonePe app.
The company said Star Health Insurance will be made available to customers via PhonePe’s initiated monthly premium payment method. Additionally, users have the option to pay their premiums conveniently using the UPI AutoPay mandate.
“The partnership will provide consumers with a hassle-free payment option that is light on the pocket and at the same time meets their wellness needs,” said Anand Roy, Chief Executive Officer of Star Health Insurance.
The payments company initiated to offer insurance on its platform in September 2021. However, after upending the market with its motor insurance offerings, it now offers its users even more options in the health insurance category with this launch.
In 2020, PhonePe, in association with Bajaj Allianz General Insurance, launched insurance for two-wheelers and private cars on its platform for owners of these vehicles.
The digital payments portal said in January 2023, it had contributed to over 65% increase in two-wheeler digital insurance in India in two years.
The payments app also partnered with the economic development agency Singapore Tourism Board (STB) on Wednesday, signed a memorandum of understanding (MoU) for two years, to enable clients to instantly make cross-border transactions from their current Indian bank accounts.
At the point of conversion, $1 = ₹ 83.30
To read more on Technology, head to the link.
