Up to Rs 5 lakh at just Rs 499 annually! PhonePe launches Domestic Trip Insurance with ICICI Lombard

As the coronavirus lockdown is ending in a phased manner and domestic travel gradually starts across the country, digital payments platform PhonePe has announced the launch of a comprehensive, industry-first domestic multi-trip insurance cover in a strategic partnership with ICICI Lombard.

This product is exclusively available for PhonePe users. Here are top things to know:-

-This product removes the need to insure every trip separately and may benefit both business and leisure travellers.

-You can get 365-days protection at just Rs 499.

-For air travellers specifically, there is a unique feature of trip cancellation due to hospitalisation and up to Rs 1,000 payout for trip cancellation due to government lockdown.

-In addition to this, it also provides cover against death or hospitalization due to an accident during the journey with a sum assured of Rs 5 lakhs.

How to buy?

-PhonePe users can purchase the domestic multi-trip insurance policy under the “My Money” section on the PhonePe app.

-The policy purchase process takes less than 2 minutes and customers will be issued their policy documents instantly on the PhonePe app.

"It provides one of the most affordable annual insurance covers for unlimited trips.  The new launch enables a stress-free travel experience for customers by covering risks associated with all modes of travel within the country (road, rail and air within the country) right from the time a customer leaves home till the time he/she returns," official statement said.

It added, "For domestic travellers who may be worried about stepping out during the COVID-19 pandemic, this unique, all-in-one insurance product offers a comprehensive bouquet of benefits that cover losses arising from trip cancellations, home burglary while travelling, missed connecting flights, lost baggage and more. The product also caters to the needs of customers who prefer buying domestic travel insurance every time they book a ticket or a cab."

Speaking on the launch, Gunjan Ghai, VP & Head of Insurance, PhonePe 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.”

On the launch, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance said, “The multi-trip, multi-mode makes this solution a convenient, cost-effective and extremely appealing proposition for the frequent traveler.”