In today’s digital age, buying insurance is no longer limited to agents or traditional websites. Mobile wallets like PhonePe, Paytm, Google Pay, and others now offer health, bike, car, and even life insurance plans — right from your phone. But the question is: Should you trust and buy insurance through these digital platforms? Let’s break it down.
1. Why Digital Wallets Are Entering Insurance
Apps like PhonePe and Paytm have millions of users and access to your verified KYC details. By partnering with IRDAI-approved insurers, they simplify policy purchases by offering low-ticket, quick insurance products in just a few clicks.
2. Types of Insurance Offered
- Two-Wheeler and Car Insurance
- Personal Accident Insurance
- Health & Hospital Cash Plans
- Life & Term Insurance (select plans)
- COVID, Dengue & Vector Disease Covers
3. Pros of Buying Insurance from Digital Wallets
- Convenience: Quick policy issuance with pre-filled details
- Low Premiums: Affordable micro-insurance products starting from ₹10–₹500
- IRDAI-Regulated: Policies are underwritten by legitimate insurers like ICICI Lombard, Reliance General, Kotak, and others
- Digital Storage: Access policies directly within the app
- Reminders & Easy Renewals: Wallets send timely notifications for renewals
4. Cons and Limitations
- Limited Plan Options: You may not see the full range of insurers or customizations
- No Personalized Advice: No agent to explain terms, exclusions, or help during claim process
- Basic Coverage: Many policies are minimal covers and may not meet all needs
- Claim Support: You may have to deal directly with the insurer for claim resolution
5. When It Makes Sense
- You need instant, basic coverage at a low cost
- You’re comfortable with DIY insurance and don’t need hand-holding
- You want a backup policy or small cover (like hospital cash or accident insurance)
6. When to Avoid
- You need comprehensive motor or health coverage with add-ons
- You’re insuring a high-value car, bike, or property
- You want full customization, claim support, and expert advice
7. Final Verdict
Buying insurance from PhonePe, Paytm, or Google Pay is generally safe as long as the policy is issued by an IRDAI-approved insurer. It’s a great option for affordable, no-frills protection or instant needs. However, for complete coverage, especially for motor or health insurance, it’s better to compare policies across providers to ensure value and claim support.
At VehicleInsurance.co.in, we help you discover detailed, well-reviewed insurance plans — and even offer cashback when you buy through our platform. Compare, choose smartly, and stay protected.