Why life insurance app is the next step in going cashless after the payment app

So, you have smartly turned an uncomfortable situation to your advantage. While your neighbours and friends queued up at the banks and ATMs for cash after the government’s demonetization of Rs 500 and Rs 1,000 notes, you quietly adopted a payment app. Now that you have gotten used to it so soon, you wonder why you didn’t use it earlier. Now you are even looking for other ways to go cashless.

After, communication, entertainment and online buying, managing your finances is the next important things you can do with your mobile. So, what will be your next step in your journey to “cashlessness”? We suggest a life insurance app. It will help you secure your family’s future and help manage investments better. The truth is that you will not be alone in this digital transformation of Indians.

Irreversible move to a cashless future

Even before the government’s demonetisation move, India was increasingly going cashless. In their report "Digital Payments 2020", Boston Consulting Group and Google dwelt on the digital payment trends in India. In the report, it was predicted that India is likely to grow to $500 billion* digital payment ecosystem by the year 2020. That is 15% of the India’s GDP. What’s more, it will be significantly driven by mobile phone and rising Internet penetration in India.

The report also highlighted the point that India has over 1 billion mobile subscriptions and currently ranks second globally on that parameter. Among these subscribers, approximately 240 million consumers use smart phones, which is expected to increase to 520* million by 2020. In this backdrop, it is almost certain that mobile banking and app based m-wallet would play a very significant role in the rise of digital payments thanks to the convenience and ease they offer.

The demonetisation boost

The recent government’s demonetisation move is only giving impetus to a powerful and irreversible trend that was already in existence. Even as thousands of people like you have embraced mobile payment systems, government continues to lend a helping hand in India’s rapid move to a cashless society. Recently, it waived off charges on digital transactions and allowed discounts on specific digital payments. The government is also making huge efforts to increase the usage of mobile app based payment system called UPI (Unified Payment Interface). Through this platform, government is trying to promote digital payments by seamlessly integrating all your bank accounts on your mobile phone through an app which can be used to make all kinds payments and transfers.

Of course, all this is about where the country is heading to. So, how can you stay ahead of the curve, especially now that you are using a payment app? As we suggested, you adopt a life insurance app. Take a look at the HDFC Life Insurance app and you will find know why.

How the HDFC Life App helps you

The HDFC Life Insurance App is a convenient platform that helps you buy and renew your insurance policies with ease. Through the app, you can explore all insurance plans offered by HDFC Life, understand their benefits, compare options, and make informed purchase decisions. If you're looking for the best term plan in India, this app simplifies your search by presenting detailed information and features in one place. For term plan holders, the app sends timely reminders for renewal and ensures smooth premium payments. Additionally, if you've invested in a Unit Linked Insurance Plan (ULIP), the app allows you to track your fund performance by monitoring NAV updates.

The official app by HDFC Life is updated with various new features like premium calculator, paying your renewal premiums, calculating (TPV) Total Protection Value, registering claims, accessing customer portal and monitoring NAV for funds. Thus, HDFC Life Insurance App is a one stop solution for all your life insurance needs and helps you manage investments for your family’s various financial goals too.

As the world of your finances collapses and increasingly starts residing in the cashless world of your mobile, it is only logical that your family’s financial protection and investments for the future are managed from a mobile app. The world may be your oyster, as some say, but the oyster is now in your smartphone. The future is here. Are you there to welcome it?

* https://www.bcg.com/en-in/d/press/25July2016-digital-payments-2020-making-500-billion-ecosystem-in-india-39417

Tax Definitions:

• Service Tax
• Value Added Tax

Similar Articles:

• Tax Saving Tips
• Indian Tax System