According to the information given by PhonePe, you can take this term insurance in a few steps through the mobile app. In the Android and iOS apps of PhonePe, you have to go to the ‘My Money’ section. In this section, you can go to the ‘Insurance’ section and choose ‘Term Life Insurance’. Here, you have to give some basic details about the person taking insurance. After giving the name of the nominee, term insurance can be purchased through this app.
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Who can buy this term insurance and what will be covered under this policy?If you are between 18 years and 50 years of age and are registered with PhonePe for at least 3 months, then you can buy this policy. You will be able to buy this policy only when you earn at least 1 lakh rupees or more annually. One condition for buying this policy is that the person taking insurance has not suffered any disease related to Kovid-19, Heart, Kidney Stroke, Cancer, Diabetes, and Hypertension etc. However, you can buy this policy without the hassle of medical checkup. You will not need any paperwork for this.
Insurance cover of Rs 1 lakh to Rs 20 lakh is being provided on this policy. However, the amount of insurance cover will depend on the premium. For this, you can pay a premium of at least Rs 149, on which an amount of Rs 1 lakh will be assured. However, for a maximum unsubsidized amount of Rs 20 lakh, a premium of Rs 3,517 has to be deposited. In addition to the suicide in this policy, this policy can work on death due to natural death, accident, natural disaster or any disease.
Should you buy this policy?
An expert who has knowledge about insurance says that in India still the facility of life insurance has not reached a large population. Bringing it in digital form will increase awareness about insurance. PhonePe users can take this term insurance policy without any health checkup or paperwork.
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He said that the assured amount of the insurance policy should be 10 to 12 times of the annual income. In that sense, the unsecured amount of this term insurance is less. For long term insurance cover one should always opt for simple term insurance like standard term insurance as these policies will not need to be renewed every year. However, this offer of PhonePe can be useful for the person who starts insurance.