PhonePe partners with Bajaj Allianz to provide Covid-19 insurance policy

PhonePe, the digital payments subsidiary of Walmart owned-Flipkart, has collaborated with Pune headquartered insurance provider Bajaj Allianz to offer insurance coverage for people who require hospitalisation for Coronavirus treatment.

Dubbed Corona Care, the policy is priced at Rs 156 and has an insurance cover of Rs 50,000 for people aged under 55, the company said in a statement. It can be used at any hospital offering Coronavirus treatment, it added. 

Additionally, the policy will cover 30 days of pre- and post-hospitalisation expenses, it added.

Read: PhonePe gets $60 mn from parent, FY20 funding declines by 40%

“Many Indians don’t have health insurance covers, so they will be faced with an added financial burden in case someone in their family needs to get hospital treatment for Covid-19. (Additionally), PhonePe has decided to forego its commission, enabling an affordable product with Bajaj Allianz General Insurance,” Sameer Nigam, founder and CEO, PhonePe, said.

PhonePe users can buy the insurance cover from the ‘My Money’ section on the app -- the policy documents will be issued on the platform too, the company said. One does not have to take any medical test to avail the policy, it added. 

Read: Coronavirus LIVE updates

Founded in 2015 by Sameer Nigam and Rahul Chari, PhonePe is a digital payments platform with over 200 million registered users. Customers can send and receive money; recharge mobile, DTH and data cards; pay at stores; make utility payments; buy gold; and make investments on the platform. 

Earlier this week, it pledged Rs 100 crore to the Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund. The Bengaluru-based company said it would contribute Rs 10 for every donation made through its platform till April-end.