Star Health Insurance and PhonePe Introduce Monthly EMI Option for 'Star Comprehensive Insurance Policy’
Highlighting a pioneering move in India’s insurance sector, Star Health introduces the first-ever monthly premium policy, revolutionizing health insurance accessibility through a strategic partnership with PhonePe.
Star Health, India’s largest retail health insurance company, has made a groundbreaking move in the insurance sector by launching India’s first insurance policy with a monthly premium payment option. This innovative policy, in collaboration with PhonePe, aims to transform the way insurance is perceived and accessed in the country.
Breaking the Norm: Monthly Premium Option
Traditionally, insurance policies in India have offered only yearly payment options. However, Star Health’s new policy allows customers to pay their premiums monthly, providing greater flexibility and affordability.
Convenience with PhonePe
Partnering with PhonePe, one of India’s leading digital payments apps, the new policy offers seamless payment options through PhonePe’s UPI AutoPay feature. This partnership enhances accessibility and ease of payment for customers.
Comprehensive Coverage
The policy offers coverage of up to Rs. 1 crore and includes a wide range of benefits. These include coverage for OPD and maternity expenses, ambulance charges, out-patient consultations and treatments, organ donor expenses, newborn baby coverage, and vaccination costs.
Focus on Mental Health and Wellness
In a significant move, the policy also covers mental illness and provides wellness programs, annual health check-ups, and offers accidental death and permanent disability coverage up to Rs. 1 crore. This comprehensive coverage reflects a holistic approach to health insurance.
Easy Purchase Process
To purchase the policy, users can simply navigate to the Health Insurance section in the PhonePe app, select the insured members, choose the sum insured and payment tenure, and complete the necessary details and declarations. This streamlined process makes it easy for customers to avail themselves of the policy.
Fintech’s Role in Financial Inclusion
The collaboration between Star Health and PhonePe highlights the role of fintech companies in expanding financial inclusion in India. Fintech players like PhonePe and Paytm are leveraging their digital infrastructure to offer financial products to millions of Indians who have been underserved by traditional banking systems.
Growing Revenue Streams for Fintech
The success of fintech companies in the financial services sector is evident from their growing revenue streams. Companies like Paytm have seen significant growth in revenue from financial services, showcasing the potential of these partnerships.
Star Health’s Evolution and Growth
Founded in 2006, Star Health has been at the forefront of innovation in the health insurance sector. The company’s focus on customer-centric policies and aggressive marketing strategies has helped it outpace traditional insurance players in the market.
At 2:47 pm, the stock was trading at Rs 559.80, up 0.35 points (0.06%) on the NSE.
Conclusion
Star Health’s new monthly premium policy marks a significant milestone in the Indian insurance sector. By offering greater flexibility and comprehensive coverage, the policy is set to revolutionize health insurance accessibility and affordability for millions of Indians.
Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.