PhonePe on Monday announced the launch of a new insurance policy covering users against firecracker-related accidents. The plan, available for Rs 9, will offer insurance coverage of up to Rs 25,000 to users during the upcoming Diwali period, the Walmart-owned fintech platform said in a press release.
The policy will be valid for 10 days starting Oct. 25, PhonePe said. It would "safeguard against any firecracker-related accidents", it said.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The plan, which can be purchased on the PhonePe app, also provides "comprehensive family coverage by insuring up to four family members, including the user, their spouse, and up to two children".
If a user makes the purchase after Oct. 25, then the policy cover will start from the purchase date, the release added.
The insurance plan, though tailored specifically for the short-term Diwali season, forms a part of the group personal accident policy underwritten by Bajaj Allianz General Insurance Co., PhonePe said.
"This coverage offers essential protection for families, ensuring they can celebrate with peace of mind, free from concerns about accidents or unexpected financial strain. Our goal is to make insurance both affordable and accessible, allowing everyone to enjoy the festivities safely," said Vishal Gupta, chief executive officer of PhonePe Insurance Broking Services.
Diwali, one of the biggest festivals of the country, will be celebrated between Oct. 29 and Nov. 3 with firecrackers in most parts of the country, barring a few places where restrictions have been placed in view of the air quality.
However, some cities report fire-related accidents during the festival. Last year, Delhi received a total of 208 fire-related calls, including 22 firecracker-related calls, on the main festive day of Diwali, the national capital's fire services director, Atul Garg, had reported in 2023.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.