Realme's digital payment platform PaySa on Thursday announced its strategic relationship with ICICI Lombard to enroll Realme phone users under the all risk insurance policy.

"We always aim to bring best solutions to our 12mn users and ICICI Lombard was a natural choice. We chose to associate with ICICI due to their ability to co-create digital products, offer services across India and track record of high claim settlement ratios," Madhav Sheth, CEO, Realme India said in a statement.

According to the company, the policy administered as a group policy, can be taken from the Realme PaySa mobile APP pure digitally and does not require any documentation.

Insurance is available for phones upto 18 months old, in less than 5 minutes and for screen breakage once or twice a year. The premiums vary depending on phone model and age of the phone but general premiums start as low as Rs 250.

"Our mission across our product lines remains to support meaningful financial inclusion across India and Bharat and getting insurance right is a key part of this mission. We are learning a lot with our beta release last month and will continue to bring disruption to the financial services market together with our strategic partners. We aim to insure 1mn Indians in the next 2 to 3 years," Varun Sridhar, Lead, Realme PaySa added.

Realme PaySa was launched in December 2019 as a full stack financial services platform and through this relationship, it will provide screen protection for Realme phones.