PhonePe has announced the launch of a new insurance product designed to provide financial protection against firecracker-related accidents during the festive season of Diwali.
The short-term plan, priced at just Rs 9 inclusive of GST, offers coverage of up to Rs 25,000 for a period of 10 days, giving users nationwide an affordable way to safeguard themselves and their families during the celebrations.
The policy provides comprehensive coverage for hospitalisation and accidental death arising from firecracker accidents. Users can insure up to four family members under a single plan, including the policyholder, their spouse, and up to two children.
The product has been introduced in response to the rise in firecracker-related injuries during festive periods across India, aiming to reduce the financial burden of such unforeseen incidents.
With a purchase process that takes less than a minute on the PhonePe app, the offering has been designed for accessibility and convenience. Customers can access the plan by visiting the Insurance section of the app, reviewing the details, filling in basic information, and completing payment to activate coverage.
Speaking on the launch, Vishal Gupta, CEO, PhonePe Insurance Broking Services, said, “We are excited to introduce PhonePe’s Firecracker Insurance just in time for the festive season. This coverage offers essential protection for families, ensuring they can celebrate with peace of mind, free from concerns about accidents or unexpected financial strain. Our goal is to make insurance both affordable and accessible, allowing everyone to enjoy the festivities safely.”
The policy is underwritten by Bajaj Allianz General Insurance Co. Ltd. as part of a Group Personal Accident plan. PhonePe emphasised that while the insurance provides valuable protection, it does not encourage the bursting of firecrackers, urging users to follow safety measures and adhere to government restrictions during the celebrations.
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