Paytm Introduces Private Vehicle Insurance Service

Paytm Insurance Broking - a wholly-owned subsidiary of Paytm has partnered with 14 insurance companies to offer insurance policies for all vehicles. Vehicle owners can compare and buy Comprehensive, Third-Party only or Own Damage only policies along with 14 add-on options for four-wheelers and six for two-wheelers including Zero Depreciation, Invoice Cover, Roadside Assistance and Engine Protect. The digital financial service platform is also providing claim support and post-purchase service and all products are available on Paytm App and its insurance website.

Paytm will be providing insurance service for all private vehicles.

A spokesperson from Paytm Insurance Broking Limited said, "Insurance continues to be an underserved segment in India. Paytm hopes to change that by making accessibility and affordability a priority. We are focused on making the whole process of buying and renewing both car and bike insurance simple, seamless and completely digital. The journey takes two minutes and the policies are issued instantly. In order to provide the best experience to the customer, we have deliberately chosen not to have telecallers pushing them."

The platform offers seamless services to help vehicle owners to avail insurance without uploading any documents before purchasing the policy. They also don't have to worry about being bothered by telecallers pushing them to buy insurance. Payments for these insurance products can be done through Paytm Wallet, Paytm Postpaid, Paytm UPI, net banking, debit & credit card. PIBPL also offers discounts on own damage cover of up to 80 per cent on select vehicles.