Ageas Federal Life Insurance Partners With PhonePe Tie-Up To Increase Life Insurance Penetration In India

Hyderabad/Mumbai, 5^th August 2024: Ageas Federal Life Insurance, one of India’s leading private life insurers, has announced its 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.”

About Ageas Federal Life Insurance

Ageas Federal Life Insurance is one of India’s growing life insurance companies and offers a diverse range of wealth management, protection, and retirement solutions to individual and corporate customers. Ageas Federal Life Insurance Co Ltd is a joint venture of Ageas, a multinational insurance giant based out of Europe and Federal Bank, one of India’s leading private sector banks.

Having commenced operations in 2008, Ageas Federal was able to achieve breakeven within just five years; the Company’s passion for innovation and growth helped it achieve this feat. Through a nationwide network of 3,200+ branches including partner bank branches, and a sizeable network of advisors, Ageas Federal Life Insurance has achieved presence across the length and breadth of the country. As of March 31, 2023, the Company has issued over 16 lakh policies with a sum assured of over ₹1,37,632 crores. Ageas Federal Life Insurance has total assets under management of over ₹15,129 crore and a robust capital base of over ₹800 crore as of March 31, 2023.

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