As the country is gradually "unlocking" after two-and-half-month of nationwide lockdown, PhonePe, a digital payments platform today unveiled a domestic multi-trip insurance cover. PhonePe has partnered with ICICI Lombard to launch this first-of-its-kind insurance cover for travellers.
This unique insurance scheme covers unlimited trips for a year at a very affordable price, the company said in statement. All kind of travels — road, rail and air — within the country will be protected by PhonePe's new travel insurance. The company said it aims to provide customers a stress-free travel experience by covering risks associated with all modes of travel within the country right from the time a customer leaves home, till the time he/she returns. Customers do not need to insure each trip separately like the traditional travel insurances.
For domestic travellers, this insurance scheme will cover losses arising from trip cancellations, home burglary while travelling, missed connecting flights, lost baggage and more. In addition to this, it also provides protection against death or hospitalisation due to an accident during the journey with a sum assured of ₹ 5 lakh.
The platform said it also caters to the needs of customers who prefer buying domestic travel insurance every time they book a ticket or a cab. PhonePe offers this comprehensive travel insurance scheme at ₹499 for 365 days for all modes of transport.
Speaking on the launch, Gunjan Ghai, VP & Head of Insurance, PhonePe said, “The product offers cover for all modes of transport for unlimited trips in a year while also providing very relevant features in the current unlocking 1.0 scenario. We believe this solution will provide policyholders peace of mind so that they can focus on enjoying their travel without any worry."
On the launch, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance said, “We are delighted to associate with PhonePe for this ‘first of its kind’ travel insurance offering. At ICICI Lombard, our focus is to support our customers in their hour of need, thereby demonstrating our brand ethos of 'Nibhaye Vaade'.
"As we get back to normal life amid social distancing, this product will surely benefit a large number of travelers, safeguarding them from any unforeseen circumstances. Further, the multi-trip, multi-mode makes this solution a convenient, cost effective and extremely appealing proposition for the frequent traveler," Mantri added.
PhonePe can purchase the domestic multi-trip insurance policy under the 'My Money' section on the PhonePe app. The policy purchase process takes less than 2 minutes, and customers will be issued their policy documents instantly on the PhonePe app, the company said.