PhonePe announces health insurance for young adults: Should you buy?
What's the story
HDFC ERGO General Insurance Company has partnered with PhonePe to provide an affordable health insurance plan. The policy is aimed at India's 'missing middle' ie. those who fall between the gaps of government and private coverage. The new plan starts at just ₹12 per day for a coverage of up to ₹3 lakh. It is specifically designed for young adults aged 18-30, many of whom are first-time buyers of insurance policies.
User convenience
Policy can be managed through PhonePe app
The new health insurance policy can be bought and managed directly via the PhonePe app, making it a hassle-free process. The partnership leverages PhonePe's vast user base to make health insurance more accessible for young adults. This strategic move by HDFC ERGO is aimed at providing comprehensive health coverage at affordable rates, thereby bridging the gap in India's healthcare system.
Statement
What did the companies say?
HDFC ERGO and PhonePe put out a joint statement. It said that their partnership is a strategic step, as it brings together a digital-first trustworthy insurer and a digital payments platform.