PhonePe introduces a home insurance plan: Should you buy?
What's the story
Digital payments platform PhonePe has announced a new home insurance product. The innovative offering protects your homes and belongings against over 20 risks, including fire, floods, riots, earthquakes, and theft. The firm said that the premiums start at ₹181 per year (including GST), with the coverage ranging from ₹10 lakh to ₹12.5 crore.
Policy details
Plans cover house structure, contents
PhonePe's home insurance plans cover both the structure of the house and its contents. This includes furniture, appliances, and valuables. The company has made it clear that these policies are accepted by all banks and lending institutions for home loan requirements. Plus, policy issuance is digital, eliminating the need for any paperwork or property inspection.
User guide
How to access the plans?
To access these plans, PhonePe users can go to the Insurance section of the app. They just have to provide basic details about their property and select the desired coverage. The process is simple and hassle-free, making it easier for people to get their homes insured against a range of risks.