Fintech payments platform PhonePe has announced its firecracker insurance for the third consecutive year, offering medical coverage of up to Rs 25,000 for "fixed, pocket-friendly premiums", the company said in a release, as cited by Mint.
The policy is offered digitally on PhonePe, which is owned by Walmart, and is underwritten by Aditya Birla Health Insurance (ABHI). It protects customers against firecracker-induced mishaps during the Diwali festive season.
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What Is The Firecracker Insurance On PhonePe?
It is a seasonal micro-insurance product. It aims to give buyers enhanced assurance and protection, so they can enjoy their Diwali festivities knowing they have financial support if something unexpected happens.
The policy offers protection in three main areas:
- Hospitalisation cover: Reimburses up to Rs 25,000 for inpatient medical stays of more than 24 hours. It covers the primary policyholder, the spouse and up to two dependent children.
- Day-care treatment: Covers medical expenses up to Rs 25,000 for minor procedures or burn treatments that need less than 24 hours of hospital admission. It covers the primary policyholder, the spouse and up to two dependent children.
- Accidental death benefit: Provides a fixed lump-sum payout of Rs 25,000, applicable only to the primary policyholder.
What Are The Premium Plans?
According to the release, the cover comes in two variants to suit different festive schedules. For clarity at the time of purchase, only one active plan is shown on the platform at any given point.
- 30-day plan: Priced at Rs 21, it is live from October 15 and offers cover till November 14. It is valid for 30 days from the date of purchase.
- 11-day plan: Priced at Rs 11, it goes live closer to Diwali, on November 5, and offers cover till November 15. It is valid for 11 days from the date of purchase.
How To Buy The Cover On The PhonePe App
"The plan has been designed to be simple, transparent, and easily accessible. Users can purchase the policy in under a minute, directly on the PhonePe app, and secure immediate coverage," the release said.
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The steps are:
- Open the Insurance section on the PhonePe app and select Firecracker Insurance.
- Select the plan details, with a sum insured of Rs 25,000 and a fixed premium of Rs 11 or Rs 21. Only one variant is active at a time.
- View the insurer's information and a detailed breakdown of the plan benefits.
- Fill in the policyholder's details and tap "Proceed to Pay" to complete the process.
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