Mobile payments app PhonePe has launched a new Coronavirus insurance policy which covers all medical costs that may arise in case someone has the misfortune of being confirmed to have been infected by the Coronavirus, or COVID-19. PhonePe has launched this policy with insurance company Bajaj Allianz General Insurance, is now available on the PhonePe app for Android phones and the Apple iPhone. You pay a one-time price of Rs 156 to get cover worth Rs 50,000. PhonePe says that all hospitalization expenses in any hospital would be covered, and this includes tests, medication and consultation fee for 30 days before and after hospitalization. This digital policy can be generated online itself as soon as the payment is complete via the PhonePe app, with no tests required. However, the important condition to note is that the person insured will only be eligible for claims if they are diagnosed with COVID-19 after 15 days from the date of purchase of this insurance—basically, if someone buys the policy today, they will be eligible for insurance cover only if they are confirmed with COVID-19 after 15 days from today.
“Unfortunately, despite global efforts to contain the pandemic, COVID-19 is still spreading fast and furiously across the world. The Indian government has taken very bold steps towards containing the outbreak in India. However, many Indians don’t have health insurance covers, so they will be faced with an added financial burden in case someone in their family needs to get hospitalization treatment for COVID-19. Keeping the societal well-being in mind in these tough times, PhonePe has decided to forego its commission thus enabling an affordable product with Bajaj Allianz General Insurance,” says Sameer Nigam, Founder & CEO, PhonePe. “The COVID-19 pandemic outbreak is impacting our country and the world at large. We are aware of the safety measures which we must inculcate in our day-to-day activities, but we must also ensure our loved ones are taken care of with a requisite health insurance cover in case of an exigency. Through our collaboration with PhonePe, customers can now avail of this unique product which covers COVID-19 by following a few simple steps on the PhonePe app and can ensure that their family is secure. Our affordable insurance product integrated with other safety measures will help us to emerge stronger out of these challenging times,” says Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance.
Last month, digital insurance company Digit had also launched a Coronavirus insurance policy with sum insured options of Rs 25k, Rs 50k, Rs 75k, Rs 1 lakh, Rs 1.25 lakh, Rs 1.5 lakhs, Rs 1.75 lakh and Rs 2 lakh and is available to anyone less than 60 years of age. we did a simple check based on this writer’s age, which is 34 years. The Rs 25,000 sum insurance costs just Rs 253. The Rs 50,000 cover costs Rs 507. The Rs 75,000 cover is priced at Rs 760. If you want to get Coronavirus insurance worth Rs 1 lakh, you pay Rs 1,014 premium. The Rs 1.25 lakh cover costs Rs 1,267 while the Rs 1.5 lakh cover costs Rs 1,520. The Rs 1.75 lakh option is priced at Rs 1,774 while the highest spec coverage option of Rs 2 lakh costs Rs 2,027. However, that policy did have a lot of conditions that you needed to be aware of—you can read more here.