PhonePe sees rapid demand for Coronavirus insurance products as cases rise

By Peerzada Abrar3 days ago

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With Covid-19 cases rising across the country, Walmart-owned digital payments firm PhonePe is witnessing an increasing trend related to the adoption of its Coronavirus (Covid-19) insurance product launched last year. The analysis of sales and claims data over the past year showed that Coronavirus insurance has seen widespread adoption with 75 per cent of policies bought by customers in smaller towns outside the tier-1 cities. These mainly include users in smaller towns and rural areas of the country.

“The last few weeks have seen a resurgence in Covid-19 cases across the country. While the central and state governments are taking several steps towards containing the outbreak, many Indians still don’t have health insurance covers as a result of which they may have to bear an additional financial burden in case someone in their family needs to be hospitalized for Covid-19,” said Gunjan Ghai, vice president and head of insurance, PhonePe. “Keeping this in mind, we are one of the very few players in the market today who continue to offer the Coronavirus insurance product for our vast base of over 287 million registered users,” he said.

The top states contributing to sales included Maharashtra, Andhra Pradesh, Karnataka, Telangana and Gujarat. PhonePe has seen a fivefold jump in corona insurance sales in March 2021 (when cases started rising nationally) vis-a-vis February. In terms of claims paid to customers, the top states included Andhra Pradesh, Maharashtra, Telangana.

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