Paytm Insurance Is Finally Here: Banking On Large Merchant Network

Paytm is ready to venture into the insurance sector as authorities have granted them the licence and greenlit their entry into the insurance space. Paytm has planned to sell its four types of insurance services through its merchant network which consists of over 16 million merchants across India.

Must Read

Are You A Gaming Geek: ‘Five Commandments’ Before You Buy Video Games Online !

Does your day start with joysticks instead of coffee mugs? Or as a kid your best friends were the...

The Growth of OTT: Blip in the Radar Or a Real Threat to Traditional TV?

People are attached to their smartphones way more than they're to any other gadget. In fact, the average person...

Indian Marketers To Invest More On Social Media In 2013: 52% Focus On Customer Acquisition [Report]

Majority of e-Marketers are focusing on Customer Acquisition via Social Media in 2013, according to a latest e-Marketing research...

Long anticipated Paytm Insurance would be an option for you when you will renew your insurance next time.

Paytm, the leader in Indian digital payments has finally gotten itself a brokerage licence in exchange for their corporate agency licence. The digital payments giant will soon be directly entering the insurance sector via their subsidiary Paytm Insurance Broking. The Insurance Regulatory and Authority of India (IRDAI) has finally granted them the licence and greenlit their entry into the insurance space.


In order to be able to sell policies and insurance products, Paytm had previously acquired a composite corporate licence which was valid for three years between 2017 and 2020.

The four categories the digital payments company is now all set to offer insurances for are two-wheelers, four-wheelers, health and life. Besides this, policy management and claim settlement can also be availed by Paytm customers at select merchant points as reported by them

The new Paytm Insurance brokerage entity has three directors – Vijay Shekhar Sharma, Vikas Garg, and Amit Nayyar. Also, in the month of October in 2019, Ravinder Kumar Gupta was appointed as CEO and Amit Aggarwal as CFO.

Amit Nayyar, President of Paytm, said, “Our entry into Insurance Broking is in line with our commitment to broaden our footprint into financial services and offering numerous and customized choices to millions of our customers. This would enable us to offer a wider suite of product offerings from a large set of insurance partners. The potential of the insurance business is huge as the market is still under-penetrated in India. Paytm Insurance is going to give millions of our users the option of buying bite-sized insurance products at a competitive price.”

Paytm’s Vision For Their Insurance Subsidiary in 2020

In a press statement, the insurance broking subsidiary of the company said that they are aiming to offer seamless innovative insurance products to their existing as well as new user base in the financial market space.

They also mentioned that they will be leveraging their humongous merchant partner base of 16 million to sell their insurance products all over India. They also expressed their interest in empowering their merchants to pursue expanding their reach of products as an alternative income source.


Paytm started partnering up with various insurance companies way back in 2015, starting off with ICICI Prudential Life, Religare Health, Reliance Life and Reliance General. Using their mobile and wallet, Paytm helped its customers to pay their premiums. Since then Paytm partnered with 15 additional companies over the next year to expand their services.

It was also highlighted by Paytm that it has already gotten 20 insurance companies on board, with an additional 30 prospective companies are expected to join over the next few weeks.

This recent development came months after Paytm’s plans to acquire Coverfox froze.

As of now in the insurance space, Policybazaar and the recently founded Turtlemint would be the main rivals of Paytm.

For Paytm, this new addition of insurance brokerage surely helps them expand their financial services portfolio in a huge way for both their customer base as well as their merchant base. They have also recently launched a new feature to automate subscription bills for their customers along with an all in one POS for their merchants, therefore covering all the bases.


Please enter your comment!
Please enter your name here

Latest News

Book Uber Cabs Via WhatsApp Now: Service In More Cities Soon

After grocery and payments, it's time for Uber cabs on Whatsapp! The digital era has brought us endless advantages...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded and unparalleled...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter, with a...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one of the...

More Articles Like This