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FinTechs PhonePe, Digit launch Covid19 specific low-cost insurance policies

After Indian insurance regulator IRDAI instructed insurers in March to come out with policies to cover treatment costs for coronavirus infection, several FinTechs have started launching the same.

Leading digital payments company PhonePe has launched “Corona Care,” a Coronavirus Hospitalisation Insurance policy in partnership with Bajaj Allianz General Insurance. Priced at INR 156, the plan comes with a cover of INR 50,000 for a person aged under 55 years and is applicable at any hospital offering Coronavirus treatment. It also covers 30 days of expenses related to pre-hospitalization costs and post-care medical treatment.

Sameer Nigam, Founder & CEO, PhonePe said, “Unfortunately, despite global efforts to contain the pandemic, COVID-19 is still spreading fast and furiously across the world. 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.”

According to the company, customers need not undertake any medical tests before purchasing the Corona Care policy that can be bought on the company’s app. The entire policy purchase process takes less than two minutes, and customers will be instantly issued their policy documents inside the PhonePe app.

“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,” said Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance.

While PhonePe is the first payments app to launch Corona-specific insurance, earlier, digital-only general insurer Digit had rolled out Health Care Plus, a fixed-benefit health insurance policy designed specifically to cover the COVID-19. Other players are also likely to launch low-cost plans for Covid19 that has caused a global social and economic pandemic that has so far claimed 45,000 lives ever since the outbreak in September last year. In India, about 1700 confirmed cases of Covid19 infected cases with 40 deaths have been reported in the previous two weeks. The country is under a 21-day lockdown till April 15.

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