Context:
HDFC ERGO General Insurance has partnered with digital payments platform PhonePe to introduce an affordable health insurance plan aimed at India’s “missing middle” — young adults who are typically first-time purchasers of insurance coverage.
Key Highlights:
- Premiums start at ₹12 per day for ₹3 lakh coverage.
- The policy is accessible through the PhonePe app, leveraging its digital reach.
- Target audience: Individuals aged 18–30 years, many new to insurance.
Significance:
- Enhances health insurance penetration among younger, underserved demographics.
- Demonstrates the power of digital platforms in making insurance more accessible and cost-effective.
- Strategic collaboration between a leading insurer and a fintech platform expands financial inclusion in the insurance sector.
