You will soon be able to purchase an insurance policy on WhatsApp

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Cross-platform messaging app WhatsApp, which launched its payment service in India last month, said on Wednesday it would start offering microinsurance products on its platform by the end of this year. The US-based company, owned by Facebook Inc, will first offer affordable health insurance plans from SBI General Insurance Co. Ltd. The company also plans to offer micro-pension products through its app.

Low-cost insurance coverages, also known as pouch or bite-size insurance, are non-comprehensive plans that focus on a specific need and come with a lower premium and coverage.

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“WhatsApp has worked with credible financial institutions and partners on micro-pension, micro-insurance and other pilot projects to ensure that every citizen has access to essential financial services through their mobile devices. end of this year, purchasing affordable health insurance coverage from SBI General by leveraging WhatsApp will be a reality,” the company said at Facebook India’s inaugural flagship event, Fuel for India, which highlights the company’s commitment to contributing to India’s growth.

“We are always striving to enable insurance solutions, to provide insurance solutions and to make them accessible and affordable like other essential services. We have designed specific products that will meet health needs in an affordable and hassle-free way and will be available via WhatsApp,” said Amar Joshi, Commercial Director of SBI General Insurance.

The company also plans to offer micro-retirement products through its app and has partnered with HDFC Pension Management Company and pinBox to offer pension plans. HDFC Pension is a Pension Funds Regulatory and Development Authority (PFRDA) named Pension Fund Manager, which manages the pension corpus of citizens enrolled in the national pension system. Pinbox offers digital micro-retirement inclusion services in Asia, Africa and the Latin America and Caribbean region.

WhatsApp Payments, which went live in November after gaining regulatory approvals, currently has up to 20 million users.

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