PhonePe processes over 11 million insurance premiums this year

PhonePe, one of the leading digital payments platform in India, on Thursday said that it processed over 11 million insurance policy premium payments in the last one year. Customers can pay insurance premiums for over 30 insurers over the platform. "PhonePe witnessed strong and active participation from tier-2 and tier-3 cities with 80% of the premiums being paid by customers residing in these markets," the company said.

Policyholders can also download the payment receipts of the premiums instantly from PhonePe app. This has been one of the reasons that PhonePe has seen high premium payment volumes since its launch."PhonePe also saw a massive spike in premium payments during the lockdown as users chose not only to pay premiums for their own policies, but also for their families and friends," the company said.

How to pay insurance premiums on PhonePe:

1) Select LIC or insurance from the PhonePe homepage

2) Select your insurance service provider

3) Enter details

4) Click confirm, select the payment instrument and complete the payment

5) For LIC, download the payment receipt instantly from the PhonePe app

Commenting on the success, Ankit Gaur, director of usiness at PhonePe said, "The PhonePe platform offers unmatched convenience and reliability for making premium payments in a jiffy. This has made us the platform of choice for millions of insurance policyholders across the nation. Digital payments will only continue to grow in popularity and we are on course to achieve our goal of building a truly open payments platform for a billion Indians.”

With over 258 million registered users, PhonePe is India’s leading digital payments platform.