PhonePe seeks to increase user base with new insurance and mutual funds products

Digital payments platform PhonePe is expanding its financial services to include insurance and mutual funds products. The Flipkart payments solutions company has added six new products, a statement said.

Having tied up with leading players in the insurance and mutual funds sectors, PhonePe is now offering their services on its platform, making it a one-stop shop for a range of financial products and services.

The six new products available on PhonePe are

Personal Accident insurance policy: Launched in July, it offers the insured or their nominees a fixed, lump sum amount in the event of death or total permanent disability caused by an accident. The annual premium amount starts from Rs 24 to Rs 480 for the sum insured ranging from Rs 1 lakh to Rs 20 lakh.