For Diwali, Payments Giant PhonePe Introduces a Firecracker Insurance Plan

Nitin Konde, Varun Bhardwaj

Oct 23, 2024 — 2 min read

PhonePe Launches Firecracker Insurance Plan for Diwali

On October 21, 2024, PhonePe announced a partnership with Bajaj Allianz General Insurance to provide reasonably priced insurance protection against firecracker-related mishaps during Diwali for a certain time. For a payment of INR 9, which includes goods and services tax (GST), the insurance coverage includes a sum insured of INR 25,000. The coverage will begin on October 25, 2024, and run for 10 days, ending on November 3, 2024. Only the policyholder is covered for hospitalisation, day care, and accidental death under the plan. These policies will no longer be available for purchase after November 3, 2024.

With coverage for up to four family members—the user, their spouse, and up to two children—the plan is available for purchase via the PhonePe app.

Versatility and Accessibility

The insurance plan is offered for sale until the conclusion of the Diwali season and goes into effect on October 25, 2024. Users who purchase insurance after this date will be covered for the remaining days of the 10-day term starting on the date of purchase. Because of this flexibility, users can choose to participate whenever it is most convenient for them without sacrificing vital protection during the festivities.

Launched with the knowledge that consumers are financially covered against accidental death and hospitalisation expenditures, users nationwide may now celebrate the celebration with peace of mind. The CEO of PhonePe Insurance Broking Services, Vishal Gupta, commented on the launch, stating that the company is thrilled to debut PhonePe's Firecracker Insurance in time for the holiday season. Families may celebrate with peace of mind, free from worries about mishaps or unforeseen financial hardship, thanks to this coverage's vital protection. The company wants to make insurance accessible and reasonably priced so that everyone may take part in the celebrations in safety.

How to Enrol for the Plan?

The customer must first choose Firecracker Insurance from the homepage under the Insurance section of the PhonePe app.
The user will then be able to read the details of his plan, which include the benefits of his plan, an amount insured of INR 25,000, and a fixed premium of INR 9.
The customer will then be able to see the insurer's details and obtain a comprehensive summary of the benefits of the plan.
Finally, to finish the procedure, the customer must enter the policyholder's information and select "Proceed to Pay."

About PhonPe

The PhonePe Group is one of the major financial technology companies in India. August 2016 saw the release of its flagship product, the PhonePe digital payments app. In a short time, the business has grown quickly to become the top consumer payments app in India. Due to its dominance in digital payments, PhonePe Group has grown into new consumer tech companies like Pincode and Indus Appstore as well as financial services like insurance, lending, and wealth.