Paytm to Offer Rs 5 Lakh Life Insurance Cover to Merchants, Partners

In an effort to encourage more merchants to accept Paytm at their outlets, India's largest digital payments platform has announced that it will offer life insurance cover to eligible offline partner stores and their staff.

In a press release, the company said that it will comport the premium, just the insurance itself will be offered by a third-party insurance firm, and not its own life insurance platform that was launched terminal February. Paytm is offering an insurance cover of up to Rs five lakh for complimentary, simply the beneficiaries tin increment the embrace-value by paying a nominal charge.

According to Paytm CEO, Kiran Vasireddy, "We firmly believe that our partners are an integral role of the Paytm family unit 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 fiscal security".

Explaining the rationale for the new move, Paytm pointed out that most of the employees at modest stores across Republic of india either exercise non take access to insurance, or doesn't take much religion in it as an instrument of investment.

The company says that the new motility will not only assist calibration the acceptance of digital payments in the land, but also secure the lives of families whose bones sustenance is often under threat at the sudden demise of their sole bread-earner.

Information technology'due south worth noting here that One 97 Communications, which owns Paytm, set up two insurance subsidiaries in February this year and has practical for a licence from the IRDA (Insurance Regulatory and Development Authorisation) to offer insurance products to consumers. It already has a corporate license from the insurance regulator.