ICICI Lombard India’s largest non-life private insurance company has entered into a strategic tie-up with PhonePe, India’s leading digital payments platform to launch a comprehensive, industry-first domestic multi-trip insurance cover. It has introduced one of the most affordable annual travel insurance covers for unlimited trips. This unique solution takes a leap forward from traditional travel insurance by removing the need to insure every trip separately. This will prove to be immensely beneficial and convenient for business and leisure travellers. The new launch enables a stress-free travel experience for customers by covering risks associated with all modes of travel (road, rail, and air within the country) right from the time a customer leaves home till the time he/she returns.
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. Further, it provides cover against death or hospitalization due to an accident during the journey with a sum assured of ₹ 5 lakh. With 365-days protection at just ₹ 499, this is the cost-effective and hassle-free cover that cuts across all modes of transport.
On the launch, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance said, “We are delighted to associate with PhonePe for this ‘first of its kind’ travel insurance offering. At ICICI Lombard, our focus is to support our customers in their hour of need, thereby demonstrating our brand ethos of Nibhaye Vaade. As we get back to normal life amid social distancing, this product will surely benefit a large number of travellers, safeguarding them from any unforeseen circumstances. Further, the multi-trip, multi-mode makes this solution a convenient, cost-effective and extremely appealing proposition for the frequent traveller.”
Speaking on the launch, Gunjan Ghai, VP & Head of Insurance, PhonePe said, “This product reflects PhonePe’s philosophy of finding the time and context-relevant products for its customers. We are excited to launch this unique and industry-first insurance cover for domestic travellers. 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.”
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.