PagBank launches new insurance product with monthly prize draws in Brazil

PagBank introduced "PagBank Premiado," a digital insurance offering that combines personal accident coverage with the chance to win monthly prizes of up to R$ 100,000. The product, priced from R$ 4.99 per month, provides benefits such as loss of income, temporary work incapacity, total permanent disability, and death coverage. It is sold through the PagBank app and can be paid with account balance or credit card.

The launch is a partnership between PagBank, insurer 180 Seguros, and Icatu Capitalização, which issues the capitalisation titles that fund the monthly draws. Claudio Limão, PagBank’s director of Issuance, Loans and Insurance, said the solution aims to broaden access to financial protection while adding perceived value through the prize component.