How do I buy Term Life Insurance on PhonePe? 

If you want to pay the premium amount annually
  1. Tap Insurance at the bottom of the home screen.  You can also tap See All under the Insurance section on the home screen. 
  2. Tap Term Life Insurance under the Life Insurance section and tap Let’s Begin.
  3. Enter the required details and tap View Plans for a customised plan. 
  4. Select your cover amount, cover till age, preferred plan, and annual payment as the payment type. Tap Select Plan
    Note: The premium amount you choose is the amount you will have to pay every year until your policy period expires. 
  5. Enter your annual income and other details such as your PAN card number, email ID, organisation type/ nature of work, etc. and tap Proceed.
    Note: You would have to make a  few declarations and accept the terms and conditions
  6. Tap Pay and select your preferred payment mode to make payment.
  7. Once your payment is successful, you will have to fill in the application form and submit your KYC details.

Important: If required by the insurance provider, you will need to get medical tests done to get your policy issued.

 

If you want to pay the premium on a monthly basis
  1. Tap Insurance at the bottom of the home screen.  You can also tap See All under the Insurance section on the home screen. 
  2. Tap Term Life Insurance under the Life Insurance section, and tap Let’s Begin.
  3. Enter the required details and tap View Plans for a customised plan. 
  4. Select your cover amount, cover till age, preferred plan, and monthly payment as the payment type tap Select Plan.
    Note:The premium amount you choose is the amount you will have to pay every month until your policy period expires.
  5. Enter your annual income and other details such as your PAN card number, email ID, organisation type/ nature of work, etc.and tap Proceed.
    Note: You would have to make a few declarations and accept the terms and conditions. 
  6. Tap Proceed to Payment.
  7. Tap Pay and Set AutoPay and enter your UPI PIN to make the payment.

Note: You can only set up an AutoPay using UPI for premium payments of upto ₹5,000 per month. 

Important: Once your payment is successful, you will have to fill in the application fdrm and submit your KYC details.

Important: You will have to get medical tests done, if required by the insurance provider, to get your policy issued.

Learn more about who you can add as a nominee when buying this insurance policy.