Digital payments company PhonePe has announced an insurance policy called Corona Care in collaboration with Bajaj Allianz General Insurance for people who have been infected and hospitalised for covid-19 treatment.
Priced at ₹156, the policy will provide an insurance cover of ₹50,000 for people who are under 55 years of age and will be valid at any hospital that is offering treatment for covid-19.
In addition to covering the cost of treatment, the policy will also take care of one month's expenses on pre-hospitalization and post-care medical treatment.
Due to the pan India lockdown to curb the spread of the coronavirus, people have been confined to their homes.
To enable people to take out the Corona Care policy without having to step out, the process of undergoing medical tests has been done away with in case of this policy.
Customer can buy it online in PhonePe app's My Money section. The company claims the entire process takes less than 2 minutes and the policy documents will be instantly issued within the PhonePe app.
“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," Sameer Nigam, Founder & CEO, PhonePe said in a press statement.
Keeping the societal well-being in mind, PhonePe has decided to forego its commission thus enabling an affordable product with Bajaj Allianz General Insurance, Nigam added.
The demand for health insurance has seen a spike since the outbreak. According to insurance aggregator Policybazaar, health insurance business has seen a growth of 20-30%, while life insurance business has grown by 20% on their platform in the span of 25 days.