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The company has tied up with HDFC Pension Management Company and pinBox to offer retirement plans. Photo: AFP
The company has tied up with HDFC Pension Management Company and pinBox to offer retirement plans. Photo: AFP

You may soon be able to buy insurance policy on WhatsApp

  • The US-based company, owned by Facebook Inc, will first offer affordable health insurance plans from SBI General Insurance and also plans to offer micro-pension products through its app

Cross-platform messaging app WhatsApp, which last month launched its payments service in India, on Wednesday said it will start offering micro-insurance products on its platform by the end of this year. The US-based company, owned by Facebook Inc, will first offer affordable health insurance plans from SBI General Insurance Co. Ltd. The company also plans to offer micro-pension products through its app.

Small-ticket insurance covers, also known as sachet or bite-size insurance, are non-comprehensive plans, focusing on a specific need and comes with a low premium and lower cover.

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“WhatsApp has been working in collaboration with credible financial institutions and partners on pilots of micro-pension, micro-insurance and others, to ensure that every citizen has access to the critical financial services through their mobile devices. By the end of this year, buying affordable health insurance coverage from SBI General leveraging WhatsApp, will be a reality," the company during Facebook India’s inaugural flagship event—Fuel for India, which is highlighting the company’s commitment to contribute to India's growth story.

“It’s always our endeavor to enable insurance solutions, to provide insurance solutions and make them accessible and affordable like other essential services. We have designed specific products that will take care of healthcare needs in an affordable and hassle-free manner and will be available through WhatsApp," said Amar Joshi, chief business officer, SBI General Insurance.

The company is also planning to offer micro-pension products through its app, and has tied up with HDFC Pension Management Company and pinBox to offer retirement plans. HDFC Pension is a Pension Fund Regulatory and Development Authority (PFRDA) appointed pension fund manager, which manages pension corpus of citizens enrolled under the National Pension System. Pinbox offers digital micro-pension inclusion services in Asia, Africa, and the Latin America and the Caribbean Region.

WhatsApp’s Payments, which went live in November after getting regulatory approvals, currently has up to 20 million users.

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