COVID-19 insurance policy: Paytm launches coronavirus policy with Reliance General
Paytm on Friday announced the launch of novel coronavirus insurance policy in collaboration with Reliance General Insurance. The general insurer, which had launched a dedicated Covid-19 Protection Insurance cover few days ago, is being offered a group platform with a wide range of sum-insured options from Rs 25,000 to Rs 2 lakh.
In the past, insurers likes Star Health and Allied Insurance, ICICI Lombard General Insurance and Digit Insurance had launched dedicated insurance covers for the viral disease. However, Reliance General Insurance offers ‘Travel Exclusion Removal’, which is an add-on that offers waiver to the 45-day travel exclusion policy and enables the insured to claim 100% of the sum-insured if they test positive.
Rakesh Jain, ED & CEO at Reliance General Insurance, said, “Looking at the current crisis, Covid-19 Protection Insurance is a much-needed product for customers, even if they have an existing health cover. We at Reliance General Insurance have designed this product to reduce the financial implications this pandemic can bring to an individual by offering them a lumpsum policy, irrespective of the treatment cost. So that they can just focus on the well-being of themselves and their loved ones”
In Reliance Covid-19 Protection Insurance, a base cover will have a premium of Rs 255 for sum insured of Rs 25,000 and Rs 1,020 premium for Rs 1 lakh cover. The indicated premiums are per person and excluding GST. The premiums go up if the policyholders choose other add-on covers like quarantine cover, travel exclusion waiver and loss of pay and loss of job. This policy offers 100% of the sum insured in lumpsum on positive diagnosis of Covid-19 and 50% of the sum-insured during quarantine. Anyone aged between 3 months and 60 years can avail the policy
On the other hand, the group health cover offered by ICICI Lombard is priced at a premium of Rs 149 per employee and provides a sum insured of Rs 25,000, including value added benefits such as health assistance and CHAT/virtual assistance, tele-consultation and ambulance assistance.
The products by Reliance General Insurance and ICICI Lombard will be offered on the group platform. While individuals can buy Star Novel Coronavirus Insurance Policy by Star Health and Allied Insurance, a benefit policy to cover all those who test positive for the current pandemic novel coronavirus and require hospitalisation. The Star Novel Coronavirus policy is available under two sum insured options of Rs 21,000 and Rs 42,000 at premiums of Rs 459 plus GST and Rs 918 plus GST, respectively.