UPI payments giant PhonePe launches new insurance coverage for firecracker accidents

UPI payments giant PhonePe has launched a new insurance plan to provide coverage for firecracker-related accidents during the festive season.

The plan is aimed at protecting users from the financial burden of hospitalization and accidental death expenses due to firecracker injuries.

This short-term insurance plan is priced affordably at ₹9 and offers coverage of up to ₹25,000 for a period of 10 days, ensuring peace of mind during Diwali celebrations.

Coverage details and pricing

The newly introduced firecracker insurance plan by PhonePe will be available to users across India starting from October 25, 2024.

The policy, available for just Rs 9 (inclusive of GST), covers expenses related to firecracker accidents for a 10-day period. 

In the event of an accident, users can claim up to Rs 25,000 for medical treatment and hospital expenses. The policy is designed to be quick and easy to purchase, requiring less than a minute on the PhonePe app. 

Family protection included

One of the standout features of PhonePe’s firecracker insurance is its family coverage. The plan insures not only the policyholder but also up to three family members, including the spouse and two children.

This ensures that the entire family can enjoy the festive season with security, knowing they are financially protected in case of any accidents involving firecrackers. 

Availability and flexibility

The insurance plan becomes effective on October 25, 2024, and is available for purchase until the end of the Diwali season.

For users who buy the insurance after this date, coverage will begin from the purchase date and last for the remaining days of the 10-day period.

This flexibility allows users to opt-in at their convenience without missing out on essential protection during the celebrations.

How to Purchase on the PhonePe App

PhonePe has made the process of purchasing the firecracker insurance straightforward. Users can follow these steps to get coverage:

1. Open the PhonePe app and navigate to the Insurance section.
2. Select "Firecracker Insurance" from the available options.
3. Review the plan details, which include the coverage amount of Rs 25,000 and a premium of ₹9.
4. Fill in the necessary policyholder details and complete the payment to finalize the purchase.

By launching this plan, PhonePe aims to provide an affordable, easy-to-access solution for families looking to protect themselves from the potential risks associated with Diwali festivities.