In its latest move, payments major PhonePe said it would join forces with Bajaj Allianz General Insurance to offer affordable insurance coverage for accidents that may happen during the use of firecrackers during the upcoming Diwali festival. This is because the cover for a limited period ensures essential financial protection amid the higher risks of accidents, of course, during the celebratory season.
The sum insured will be Rs 25,000 with a nominal premium of Rs 9 exclusively with GST. It will offer 10 days, from October 25, 2024, to November 3, 2024, of coverage. Hospitalisation and daycare treatment benefits, as well as accidental death benefits, would only be available to the policyholder.
These can be bought comfortably through the app PhonePe, which covers all four family members—including the customer, the spouse, and two children. This way, the celebration of the festival with peace of mind is assured, as the purpose of insurance is to manage the specific risks emerging due to the use of firecrackers in this sacred festival.
Given that the validity of the insurance plan is only for 10 days during Diwali, when most mishaps happen by accidental fires from crackers, and the meager amount covered in such cases, this plan comes at Rs 9. Our industry-leading partnerships let us create bespoke propositions for our huge customer base.” ended PhonePe spokesperson.
The Spokesman explained that if any customer buys the policy after October 25, then the date of coverage would be from the date of purchase. This short-term insurance has been especially structured for timed and affordable protection to the needs of the user during the festive season. This initiative will further accelerate our commitment at PhonePe toward consumer safety and wellness so that families can have a better Diwali with greater reassurance and security and thereby make a visible contribution toward a safer festive atmosphere.
