HDFC ERGO General Insurance Company has partnered with PhonePe to launch an affordable health insurance solution for the “Missing Middle” in India, which refers to the 30% of Indians who are neither covered under government-sponsored health schemes nor can afford comprehensive health insurance. This demographic, comprising approximately 40 crore citizens, is largely comprised of lower and middle-income groups, including gig economy workers, who are exposed to costly out-of-pocket healthcare expenses.
The partnership aims to provide easy access to HDFC ERGO’s comprehensive health insurance at an affordable premium, leveraging PhonePe’s digital infrastructure. The health insurance plan, known as Suraksha Sankalp, offers financial support through a cashless health insurance plan ranging from OPD to hospitalization. The plan is priced to ensure affordability while delivering meaningful coverage for individuals from the unorganized sector.
Key features of the health insurance plan include in-patient hospitalization coverage of Rs. 3 lakhs, payout of Rs 2000/day for 15 days for hospitalization, and unlimited general physician tele-consultation. The plan also offers coverage for consumables, such as surgical items and administration charges. Primarily catering to individuals aged 18-30 years, the plan can be purchased and issued entirely through the PhonePe app.
The plan is currently available in Hyderabad, Nagpur, and Madurai, with plans to roll out across other cities soon. The partnership between HDFC ERGO and PhonePe aims to drive insurance adoption in the country by empowering users with affordable, digital-first solutions that cater to their unique needs. With affordable premiums starting at Rs. 12/day for Rs. 3 lakhs coverage and other benefits, this initiative has the potential to make a significant impact on the lives of millions of underserved customers.
According to Parthanil Ghosh, Executive Director of HDFC ERGO General Insurance, the partnership with PhonePe will help bridge the gap in health insurance coverage for the “Missing Middle”. Vishal Gupta, CEO at PhonePe Insurance Broking Services, added that inclusive health insurance is a fundamental need, and the company is committed to making a real impact towards the financial future and wellbeing of every Indian. The partnership is a strategic move to expand health insurance coverage across India and provide access to quality healthcare for millions of underserved customers.