PhonePe joins hands with Star Health Insurance to offer insurance with monthly payment options

UPI payments giant PhonePe recently announced a partnership with Star Health and Allied Insurance Company (Star Health Insurance), an Indian retail health insurance company.

The partnership is aimed at offering customers health insurance with a monthly and annual payment option. PhonePe users can now get the 'Star Comprehensive Insurance Policy' on the PhonePe app, which offers coverage up to Rs 1 crore.

Offering monthly premium payment plan

Through this partnership, Star Health Insurance’s Comprehensive Health Insurance will be offered to customers with a monthly premium payment plan, pioneered by PhonePe – a first-of-its-kind initiative in the industry.

Users can also opt to pay their premium with the UPI AutoPay mandate and enjoy added convenience. The company said the move was driven by a critical insight that smaller monthly payments ease the financial burden for users while empowering and enabling them to opt for more extensive insurance coverage without stretching their finances.

Star comprehensive insurance policy offerings 

The Star Comprehensive Insurance Policy offers a range of benefits, including sought-after OPD and maternity coverage, which PhonePe believes are highly valued when choosing health insurance.

The comprehensive policy provides coverage up to Rs. 1 crore and includes expenses for both road and air ambulances, outpatient consultations, dental and eye treatments, childbirth and organ donor costs, and care for newborns from day one, covering congenital disorders and vaccinations for the first year.

It also supports mental health up to the total insured amount and doesn't limit coverage for day care procedures. Additionally, it offers up to Rs. 1 crore for accidental death and permanent total disability.

Leadership comments 

Speaking on the partnership, Vishal Gupta, CEO of PhonePe Insurance said “PhonePe is excited about this partnership with Star Health. Star’s differentiated benefits combined with PhonePe’s distribution, customer centric approach and simple DIY journeys will help turbocharge insurance adoption and penetration in the country."

He said the company aims to help turn India from an underinsured nation to one that is adequately insured.

Speaking on the partnership, Anand Roy, MD and CEO of Star Health Insurance, said, “We are excited to partner with PhonePe and offer health insurance targeted at Gen Z and Millennials since people in that group are digital natives. The partnership between Star Health Insurance and PhonePe will provide consumers with a hassle-free payment option that is light on the pocket and at the same time meets their wellness needs. Today, health insurance has become a necessity.