Mumbai. As part of its Shop Owners Benefit Program, PayNearbuy, the country’s leading branchless banking and digital payments network, has launched ‘Purna Suraksha’, an insurance solution for its retail community.
This insurance solution will ensure the safety and security of PayNearbuy’s 1.5 million plus retail partners in over 17,500 pin codes. Pocket-friendly, this 3-in-1 offering has been designed in partnership with IndiaFirst Life Insurance Company Limited (IndiaFirst Life).
Rs 3 per day premium
According to the company, this is a holistic solution insurance plan. It provides coverage for all aspects of insurance – life, health and disability at an affordable premium. Ensuring ‘complete protection’, this cost-effective policy can be availed by shopkeepers at a premium of just ₹3 per day and enrollment fee of ₹111.Also read- If you are planning to buy a house, then know about these 6 essential ratios
2 lakh life cover, 1 lakh disability cover
Exclusively available at PayNearBuy retailers, offers Life Cover of ₹2 Lakh, Disability Cover of ₹1 Lakh and Hospital Cash of ₹15,000 under Complete Protection. There is no waiting period for life insurance and hospitalization due to accident. Additionally, to counter the devastation of the pandemic, the COVID-19 hospitalization cover starts after the 15th day of enrollment.
Processing in a few minutes
Elaborating on the insurance solution ‘Complete Protection’, Anand Kumar Bajaj, Founder, MD & CEO, PayNearBuy said, “We are excited to partner with IndiaFirst Life Insurance to offer complete protection. This offering reinforces PayNearBuy’s commitment to providing its digital leaders with innovative and need-based solutions for today’s stress-free and better tomorrow. Since the entire journey is digital, instant cover issuance as well as processing takes place within minutes, thereby providing instant protection to our retailers.
Launched in April 2016, PayNearbuy is a fintech company building technology and distribution networks to access financial/non-financial services. PayNearBuy Retailers empowers shop owners to provide digital services to local communities
IndiaFirst Life Insurance Company with a paid-up share capital of Rs 663 crore is one of the newest and modern life insurance companies in the country. It is promoted by the two largest public sector banks of India – Bank of Baroda and Union Bank of India.
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