India, March 25 -- Doubling down on its insurance offerings, Walmart-backed fintech major PhonePe has partnered with a clutch of insurers to roll out a new vehicle insurance plan for two-wheelers and four-wheelers.

The initiative aims to offer cost-effective online alternatives for all new vehicle buyers as compared to conventional dealership insurance plans.

"With this launch, users can now compare policies from multiple insurers and make the purchase online on the PhonePe app," the company said in a statement.

Besides vehicle, PhonePe's insurance portfolio offerings include life, health and travel. The company secured insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI) in 2021.

"At Phon...