Startups & eCommerce giants venture into COVID focused health insurance; announce tie-ups

E-commerce giant Flipkart, in partnership with ICICI Lombard and Go Digit General Insurance, has launched health insurance policies on its platform covering COVID-19. Enabling health cover for consumers combating the global pandemic, the two health insurance policies come with instant claim benefits and do not require any medical tests at the time of purchase.

The policy is priced at an annual premium of Rs 159

According to industry estimates, about 56% of the Indian population is not covered under any health insurance policy. The COVID-19 Protection Cover by ICICI Lombard provides an instant Rs 25,000 benefit plan paid to the customer on positive diagnosis of Coronavirus. The users will have to pay an annual premium of Rs 159 to buy it.  Additionally, the policy provides services like health assistance benefit, virtual and teleconsultation benefit, and ambulance assistance.

It allows Flipkart's customers to submit digital copies of the claim document to the insurer for processing. The Digit Illness Group Insurance offered by Digit Insurance allows consumers to avail a hospitalisation cover up to a sum assured of Rs 1 lakh with an annual premium of Rs 511.

Further, there is no limit on room rent or intensive care unit. The policy covers 30 days pre-hospitalisation and 60 days post-hospitalisation fee. Policyholders can also avail 1 %of the sum assured for ambulance services.

'Post claims, if any, the policy will stand expired'

Similarly, PhonePe, a digital payments platform, is also selling a coronavirus hospitalisation insurance policy - Corona Care insurance policy. The policy is offered in collaboration with Bajaj Allianz General Insurance. This product can be purchased directly via the PhonePe mobile app. However, the policy is not open to senior citizens as the maximum age limit to buy this policy is 55 years.

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According to a statement by Phone Pe CEO Sameer Nigam, "PhonePe's Coronavirus insurance policy is valid for one year. Post claims, if any, the policy will stand expired."

According to the PhonePe press release, "PhonePe users can purchase their coronavirus insurance policy under the "My Money" section on the PhonePe app. The entire policy can be purchased through app and customers will be instantly issued their policy documents inside the PhonePe app."

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(With agency inputs)