PayNearby & IndiaFirst Life launch affordable insurance solutions for retailers
By Retail4Growth Team | June 09, 2021
The Insurance solution ‘Poorna Suraksha’ meant for PayNearby’s 15+ lakh retail partners across 17,500+ PIN codes, will offer a life cover of Rs. 2 lakhs, disability cover of Rs. 1 lakh and hospital cash of Rs. 15,000, and can be availed by retailers at a premium of just Rs. 3 per day, and an enrolment fee of Rs. 111.
As part of its Shop Owners Benefit Program, PayNearby, India’s leading branchless banking and digital payments network, has launched a unique insurance solution ‘Poorna Suraksha’ for its retail community. In a first of its kind initiative, this exclusive and holistic insurance solution will ensure the safety and security of PayNearby’s 15+ lakh retail partners across 17,500+ PIN codes. This pocket-friendly, 3-in-1 offering is designed in partnership with IndiaFirst Life Insurance Company Limited (IndiaFirst Life) to safeguard PayNearby’s retailers during the COVID-19 pandemic and beyond to assure they have access to a safety net anytime, anywhere, the company statement said.
PayNearby shares that while the second wave gripped the country, its Digital Pradhans have been aiding their communities as frontline Corona warriors ensuring relief disbursements reach the hands of the intended. As part of this initiative, PayNearby has now launched the Poorna Suraksha insurance. It provides coverage across all aspects of insurance - Life, Health & Disability at an affordable premium. Ensuring ‘complete protection’, this cost-effective policy can be availed by retailers at a premium of just ₹3 per day, and an enrollment fee of ₹111.
Available exclusively for PayNearby retailers, Poorna Suraksha offers a life cover of ₹2 lakhs, disability cover of ₹1 lakh and hospital cash of ₹15,000. There are no waiting periods involved for life insurance and hospitalization due to accident. Additionally, to combat the mayhem of the pandemic, the COVID-19 hospitalisation cover starts after the 15th day of enrollment.
Speaking on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “Our Digital Pradhans have shown great resilience and a spirit of selfless service throughout the pandemic and provided uninterrupted service to ensure citizens had access to essential financial resources to fight the deadly virus. To guarantee their safety and to protect them from future ambiguities, we are elated to partner with IndiaFirst Life Insurance, to offer Poorna Suraksha. This offering cements PayNearby’s commitment to providing its Digital Pradhans with innovative and need-based solutions for a tension-free today and a better tomorrow. Since the entire journey is digital, the processing happens in a couple of minutes with immediate issuance of the cover, protecting our retailers instantly.”
Commenting on the partnership, Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Limited said, “With an endeavor to offer “Insurance to All”, IndiaFirst Life is delighted to associate with PayNearby to secure its Digital Pradhans (retailers). This association with PayNearby further strengthens our strategic alliances foray wherein we embed bite-sized insurance with the core proposition of our alliance partners.” Anand Kumar Bajaj further added, “It has always been our priority to empower our retailers and now we are adding an umbrella of protection to it, too. As the name suggests, Poorna Suraksha will provide complete protection against expenses related to all kinds of life exigencies and give peace of mind to our retailers and their dear ones. Our retailers are indispensable to us, and we recognise their determination that has made our work a success. We would like to stand tall by our retailers in times of both illness and wellness, equally to fulfill our promise of Zidd Aapki Suraksha Ki and Zidd Aage Badhne Ki.”