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As covid-19 cases rise, demand for disease-specific cover surges: PhonePe

PhonePe also said that it processes roughly 1 million offline transactions every month, while its daily online transaction numbers have gone up to 2 million per day.Premium
PhonePe also said that it processes roughly 1 million offline transactions every month, while its daily online transaction numbers have gone up to 2 million per day.

  • A disease-specific cover is not a replacement for a health insurance policy. You can buy such covers in addition to a health insurance that pays for hospitalisation due to other diseases and ailments

NEW DELHI: People have taken to buying insurance again, given the renewed surge in coronavirus infections. According to data from PhonePe, the payments app company saw a five-fold jump in sales for its Corona insurance policy in March vis-à-vis February.

Maharashtra, Andhra Pradesh, Karnataka, Telangana, and Gujarat contributed the most to the sales.

Also Read | How India’s banking model has changed

Of those who bought the policy from PhonePe, 75% were from “smaller towns, outside the tier-1 cities."

PhonePe sells group insurance policy from Bajaj Allianz General Insurance, which is a disease-specific cover. The policy for covid-19 is sold at an annual premium of Rs396 for a cover of Rs50,000, and a Rs541 premium for a Rs1 lakh policy cover. It’s available for those in the 18-55 age group.

The policy covers hospitalisation expenses, including personal protective equipment or PPE, gloves, mask, ICU, oxygen and ventilator. The cover starts 15 days after the purchase of the policy.

PhonePe has settled most claims in Andhra Pradesh, Maharashtra, Telangana, Delhi and Karnataka since it started selling the policy last year, according to the press release. The company has paid more than Rs3.5 crore in claims.

A disease-specific cover is not a replacement for a health insurance policy. You can buy such covers in addition to a health insurance that pays for hospitalisation due to other diseases and ailments.

(Do you have personal finance queries? Send them to mintmoney@livemint.com and get them answered by industry experts)

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