New Delhi, Feb 20 (GCBusiness) India’s latest entrant to financial services, realme payसा announced its strategic relationship with ICICI Lombard to enroll realme phone users, under the All Risk Insurance Policy underwritten by ICICI Lombard, a statement said here on Thursday.
realme payसा, was launched in December 2019 as a full stack financial services platform and through this relationship will provide screen protection for realme phones.
The policy, administered as a group policy, can be taken from the realme payसा mobile APP pure digitally and does not require any documentation. Insurance is available for phones upto 18 months old, in less than 5 minutes and for screen breakage once or twice a year.
The premiums vary depending on phone model and age of the phone but general premiums start as low Rs 250. This would be a unique proposition in the Indian financial services & mobile sector and should solve an important pain point for all customers – what if their screen breaks?
Speaking on the occasion, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance Company Limited said, “Joining hands with one of India’s fastest growing smartphone brand is part of our vision to make insurance available to all Indians. realme payसा provides us the perfect platform to offer disruptive, affordable and pure digital insurance products to major Indian cities but more importantly in Tier 2,3,4 cities where historically reach, education and servicing have been major roadblocks.”
Commenting on the partnership, Madhav Sheth, CEO, realme India said, “realme payसा echoes the brand ethos of ‘Dare to Leap’ and supports our vision to become a tech lifestyle brand providing a 360 ecosystem.”
Giving details of the strategy in 2020, Varun Sridhar, Lead, realme payसा said, “Our mission across our product lines remains to support meaningful financial inclusion across India and Bharat and getting insurance right is a key part of this mission. We are learning a lot with our beta release last month and will continue to bring disruption to the financial services market together with our strategic partners. We aim to insure 1mn Indians in the next 2 to 3 years.”
“realme payसा and ICICI Lombard together plan to provide insurance solutions for both Individuals and SMEs with a clear objective to make insurance accessible, affordable and simple for all Indians,” the statement added.