Insurance policies can be bought on PhonePe, 30 crore people will benefit

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Digital payments platform PhonePe said it has received in-principle approval from IRDA to sell life and general insurance products. Which will benefit about 300 million PhonePe users in the country.

Giving information, digital payments platform PhonePe said that it has received in-principle approval from IRDA to sell Life and General Insurance products. Which will benefit about 300 million PhonePe users in the country. PhonePe said that it can now provide insurance advice to more than 300 million of its users. PhonePe has been issued an insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI).

Last year, PhonePe entered the insurance space with a limited insurance corporate agent license. This limited the company to partnerships with only three insurance companies for each category. Now, with this new direct broking license, PhonePe can distribute insurance products across all insurance companies in India.

The new broking license allows PhonePe to begin offering personalized product recommendations to its over 300 million users and offer a more diverse portfolio of insurance products to Indian consumers, the company said.

Gunjan Ghai, Vice President and Head of Insurance, PhonePe said, “This license is a major milestone in our insurance journey. PhonePe is India’s fastest growing insurtech and this broking move will give us more momentum and accelerate our growth. Ghai said the company is building a strong platform for its customers through new products in partnership with high quality insurers.

The insurance sector has grown tremendously in the present times. The reason for this is Corona. During this time, there has been a lot of awareness among the people regarding health, life and other insurance. Many people have got insurance in the last one and a half years. At the same time, many companies have increased the insurance premium. Even after that, there has not been any decline in insurance.

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