Easypaisa’s Khushaal Beema has announced 250,000 customers for its insurance products.
Easypaisa in collaboration with Adamjee Life Insurance had launched Khushaal Beema products for easypaisa customers, who have to maintain a minimum balance of Rs. 2,000 for insurance covers.
With only 0.5% insurance penetration in the country, Pakistan has one of the lowest insurance penetration levels in the South Asian region. Even though there are a dozen insurance companies in Pakistan, one of the biggest challenges to scale has been reaching out to the masses at the bottom of the pyramid and educating them to the benefits of insurance.
Easypaisa and Adamjee’s insruance plans were first of its kind micro-insurance product that gives the underprivileged segment the insurance covers.
Easypaisa said that 20% of its 250,000 subscribers maintain the minimum deposit in any given month.
Easypaisa’s Khushaal Beema is provided free of cost whenever a customer opens an Easypaisa Mobile Account and maintains an average monthly balance of Rs. 2,000 in their Mobile Account. The deposit amount is never locked, and the customer is allowed to withdraw the funds whenever needed.
The insurance pays out Rs. 50,000 for a natural death and Rs. 100,000 for an accidental death. By keeping a higher balance in the Mobile Account, the customer can avail higher pay outs.
To date Easypaisa has processed and paid out a total of 24 claims worth more than PKR 2.5 million.