PhonePe has introduced a new pre-approved term life insurance feature, making coverage accessible to millions of Indians without requiring proof of income. This move aims to enhance financial inclusion by allowing users from various backgrounds, including self-employed and gig workers, to obtain life insurance easily.
Partnering with leading insurers, PhonePe will extend this feature to over 30 million individuals initially, with plans to reach up to 50 million by year-end.
Vishal Gupta, CEO of PhonePe Insurance Broking Services, highlighted the company’s commitment to making insurance more accessible and affordable across socio-economic strata. The initiative simplifies the process and supports broader insurance adoption by aligning with regulatory underwriting principles.
