Ageas Federal Life Insurance partners with PhonePe Tie up to increase Life Insurance Penetration in India

New Delhi, August 5, 2024: Ageas Federal Life Insurance, one of India's leading private life insurers, has announced their partnership with PhonePe to provide Instant Term insurance to its vast customer base. This pioneering collaboration marks a significant milestone, as Ageas Federal Life Insurance becomes the first insurer in the industry to offer Instant term insurance through the PhonePe platform. This initiative is poised to enhance insurance penetration across India, particularly in Tier 2, 3, and 4 cities, by leveraging PhonePe's extensive reach of 20 crore monthly active users.

Through this partnership, PhonePe users aged 18-45 can easily access the 'Ageas Federal Life Insurance Group Term Plan' via the app, enjoying a seamless digital application process with no medical tests or extensive paperwork. Users can choose a sum assured ranging from Rs. 5 lakh to Rs. 25 lakh and opt for either monthly or yearly premium payments, starting at just Rs. 5,000 annually. This collaboration is rooted in a shared vision of leadership and innovation, bringing insurance solutions to millions of underserved customers and reinforcing both brands' commitment to making financial protection accessible to all.

Speaking on the partnership, Sachin Gupta - Business Head - Digital & D2C, Ageas Federal Life Insurance, said, “We at Ageas Federal Life Insurance are extremely excited about our partnership with Phone Pe. Not only does it help us realize our commitment to make insurance accessible to all, but the digitization of the process will also ease the customer journey. The end-to-end process of purchasing a policy, from application to issuance, can be completed swiftly and seamlessly, with policies issued instantly. Through this partnership with PhonePe, we are confident of creating a robust distribution channel for digitally savvy customers and securing a fearless future for all."

The goal of this collaboration is to streamline the insurance purchasing process and give customers a transparent and hassle-free process at the tips of their fingers.

Nilesh Agarwal - Head of Insurance, PhonePe said “We are delighted to partner with Ageas Federal Life Insurance as we continue our journey to provide market-leading customized products with exceptional service and customer experience. We believe there are complementary synergies between our work ethos and offerings, and this partnership will enable us to offer needs-based life insurance solutions seamlessly to our customers. Ageas Federal Life Insurance Group Term Life insurance plan will be fully integrated into the PhonePe platform. This association benefits PhonePe significantly as we now offer group term life insurance for the first time.”