Travel has slowly begun to open up in India with Unlock 1.0, after it came to a grinding halt in the final week of March. To aid this, PhonePe announced a domestic multi-trip insurance cover with ICICI Lombard that is only available to PhonePe’s users, and is available under the ‘My Money’ section of the app.
The insurance provides annual insurance for an unlimited number of trips. Up until now, each trip was insured separately, and premiums had to be paid separately. This insurance covers road, rail and air travel and will be valid from the time a customer leaves home till when they return, according to PhonePe.
According to the company, the benefits one will receive include losses due to trip cancellations, home burglary while travelling, missed connecting flights, lost baggage, etc. The product also caters to the needs of customers who prefer buying domestic travel insurance every time they book a ticket or a cab. With 365-days protection at just Rs 499, this is the most cost-effective and hassle-free cover that cuts across all modes of transport.
For those travelling by flight, there is a feature for trip cancellation due to hospitalisation. There is also a Rs 1,000 payout for a trip being cancelled due to the government lockdown.
In case of death or hospitalisation due to an accident during the journey, a cover Rs 5 lakh is provided.
PhonePe’s VP and Head of Insurance Gunjan Ghai, said the product offers cover for all modes of transport for unlimited trips in a year while also providing very relevant features in the current unlocking 1.0 scenario. “We believe this solution will provide policyholders peace of mind so that they can focus on enjoying their travel without any worry. We remain deeply committed to making insurance affordable, simple and accessible for over 200 Mn PhonePe users,” she said.