PhonePe, one of India’s leading digital payments platforms has announced that it has processed over 11 million insurance policy premium payments in the last one year. The PhonePe app provides users with a quick and secure option to pay their insurance premiums for over 30 insurance providers across the country. PhonePe also said that it has witnessed strong and active participation from tier 2 and tier 3 cities with 80 percent premiums being paid by users in these cities. PhonePe also provides users with the option of instantly-downloading payment receipts for insurers to enable them to avail tax benefits. The company does not charge anything extra for this service.
This has resulted in PhonePe sustaining high premium payment volumes in this category since its launch. PhonePe also saw a massive spike in premium payments during the COVID-19 lockdown as users chose not only to pay premiums for their own policies, but also for their families and friends. In order to pay their insurance premium on the PhonePe app, users need to open the PhonePe app (PhonePe can be downloaded from Apple App Store or Google Play Store in case anyone doesn't have the app) select "LIC/Insurance on the Homepage > select Insurance service provider > Enter details > click confirm > select payment method, and make the payment. For LIC, users can download their slips instantly from the PhonePe app.
PhonePe announced its partnership with Tax2Win earlier this week in order to enable users to file their income tax returns directly from the app. The Tax2Win tax-filing platform has been integrated into the PhonePe app for Android and iOS. Earlier, PhonePe announced that the company crossed the 250 million registered user milestone with over 100 million monthly active users (MAU), generating nearly one billion digital payment transactions in the month of October 2020.