Paytm launches Coronavirus policy with Reliance General

Paytm announced on Friday, in partnership with Reliance General Insurance, the launch of a new coronavirus insurance policy. A community platform with a wide range of sum-insured options from Rs 25,000 to Rs 2 lakh is being provided to the general insurer, who had launched a dedicated Covid-19 Security Insurance cover only a few days ago.

 

by Niranjani Jesentha Kumari Prabagararaj

Updated: Apr 11, 2020 13:36 IST

Tags: App News Tech
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Covid-19: Insurance Policy

Insurers including Star Health and Allied Insurance, ICICI Lombard General Insurance, and Digit Insurance have launched dedicated viral disease insurance covers in the past. However, Reliance General Insurance offers 'Travel Exclusion Removal,' an add-on that provides waiver of the 45-day travel exclusion policy and allows the insured to claim 100% of the insured if they test positive.

Rakesh Jain, ED & CEO at Reliance General Insurance, said, "Covid-19 Protection Insurance, looking at the current crisis, is a much-needed product for customers, even if they have an existing health cover.

In Reliance Covid-19 Protection Insurance, a base cover for Rs 1 lakh insurance would have a premium of Rs 255 for the amount insured between Rs 25,000 and Rs 1,020. The indicated premiums are per person and exclude GST. The premiums go up when the policyholders pick other add-on covers such as quarantine cover, waiver of travel exclusion, and loss of pay and work loss. This policy provides 100% of the lumpsum insured amounts on Covid-19's positive diagnosis, and 50% of the quarantine amount insured. Anyone aged three months to 60 years can take advantage of the policy.

On the other hand, ICICI Lombard's community health plan is priced at a premium of Rs 149 per employee, which offers an insured amount of Rs 25,000, including value-added benefits such as health insurance which CHAT / virtual assistance, teleconsultation and emergency assistance.

The plans will be offered on the Company platform by Reliance General Insurance and ICICI Lombard. Although individuals can buy Star Novel Coronavirus Insurance Plan from Star Health and Allied Insurance, a premium package is intended to cover all those who test positive for the latest pandemic coronavirus and require hospitalisation. The Star Novel Coronavirus policy is available at premiums of Rs 459 plus GST and Rs 918 plus GST under two total insured options of Rs 21,000 and Rs 42,000, respectively.

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