Payments major PhonePe launches firecracker insurance policy for Diwali

Payments major PhonePe on Monday said it has tied up with Bajaj Allianz General Insurance to offer affordable insurance coverage against firecracker-related accidents during Diwali for a limited period.

The insurance cover entails a sum insured of Rs 25,000 for a premium of Rs 9, inclusive of goods and services tax (GST). The coverage is for 10 days starting from October 25, 2024, to November 3, 2024. The plan includes hospitalisation cover, day care treatment, and accidental death, limited only to the policyholder. The sale of these policies will end on November 3, 2024.

The plan can be purchased on the PhonePe app and provides coverage to families by insuring up to four family members, including the user, their spouse, and up to two children.

“Since the validity of the insurance plan is only for 10 days during Diwali, which is when all major firecracker accidents happen and the cover amount in these cases is minimal, this plan is available at Rs 9. Through our industry-leading partnerships, we are able to create tailor-made offerings for our large customer base,” a PhonePe spokesperson said.

“If a user makes the purchase after October 25, the policy cover will start from the purchase date. This short-term coverage is tailored specifically to the festive season, offering affordable and timely protection to users.”