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Paytm to Provide Up to Rs 5 Lakh Life Insurance Cover to Offline Partner Stores

An existing Life Insurance player will provide the insurance policy and the premium will be borne by Paytm. This is aligned with the company’s commitment to promote and strengthen cashless transactions.

One97 Communications-owned digital payments company, Paytm has announced that it will offer life insurance cover to eligible offline partner stores and their staff that accept digital payments. An existing Life Insurance player will provide the insurance policy and the premium will be borne by Paytm. This is aligned with the company’s commitment to promote and strengthen cashless transactions.

Most of the staff members at these stores do not have access to insurance, or they believe that it isn’t needed for them. Paytm has been working closely with its merchant partners and now wants to encourage them to further scale the acceptance of digital payments. Life insurance offering will help secure the lives of families whose financial security is often severely threatened at the demise of their sole bread-earner. They will also have the option to insure their families or increase the insurance cover value in exchange for a nominal amount.

Kiran Vasireddy, COO – Paytm said, "It is our responsibility to help India realize the vision of a digital economy and our offline partner stores are helping us achieve this goal by educating people about the convenience of digital payments. We firmly believe that our partners are an integral part of the Paytm family and to support them, we are offering cashless life insurance to them and their staff members. This insurance will offer their families a much needed financial security and it’s the best way to thank them for everything they continue to do for us.”

With the Paytm QR, users can now make payments directly through their Bank account at zero cost, and also avail cashback. Paytm users no longer require to add money to their wallet in order to make payments. They can make payments or transfer money from their bank account to any bank account using the Paytm app.

On the lines of Paytm, Axis Bank-owned FreeCharge also announced its plans last month to enter into insurance space. Not only digital payments firms, but cab-hailing companies like Ola and Uber have also tied up with third party insurance service provider to offer upto Rs 5 lakh insurance coverage to their driver partners. Ola is also offering an in-trip insurance cover for its customers at a premium of Rs 1 per ride.


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