With the number of Covid-19 cases on the rise across the country, Walmart-owned digital payments company PhonePe is seeing an increase in the use of its Coronavirus (Covid-19) insurance product, which was launched last month. ‘last year. Maharashtra, Andhra Pradesh, Karnataka, Telangana and Gujarat were the main states contributing to the sales. In March 2021, when cases started to increase across the country, PhonePe quintupled sales of corona insurance compared to February. This insurance is provided by PhonePe in collaboration with Bajaj Allianz General Insurance. For coverage of Rs 50,000, the annual premium starts at Rs 396. Customers can also choose higher coverage of Rs 1,000,000 for Rs 541 more.
Benefits of PhonePe’s Coronavirus Insurance Policy
1) Depending on your contract, you can benefit from a hospital allowance of between Rs 50,000 and Rs 1,000,000.
2) Medical expenses for AYUSH treatment are covered.
3) Plans start at Rs 396 per year and go up to Rs 541 per year.
4) This offer is valid in all private and public hospitals.
5) Covers pre and post hospitalization costs for 30 days, including tests and consultations
6) PPE (personal protective equipment), gloves, masks and other similar costs are covered.
How to buy coronavirus insurance policy from PhonePe?
Step 1: Download the app
Step 2: Click on “My money” on the home page
Step 3: Click on the button âInsurance; tongue
Step 4: Select coronavirus insurance
Step 5: Read all the terms and conditions
Step 6: Click on Get this policy.
This is a hospital indemnity guarantee offered to PhonePe customers as part of a collective contract, it can be taken out and renewed like a traditional insurance contract.
However, the insured person will only be eligible for claims if they are diagnosed with COVID-19 after 15 days from the date of purchase of this insurance. Suppose, for example, that if a person purchases the policy today, they will only be eligible for insurance coverage if they are diagnosed with COVID-19 after 15 days.
However, many Indians do not have health insurance, which puts them at a financial disadvantage if a family member has to be hospitalized for a COVID-related illness.
Documents required when submitting the application:
- Copy of proof of address
- NEFT contact details of the insured beneficiary and canceled check
- original copy of the insurance certificate with the original assignment rider
- Copies of the Aaadhar map and the PAN map
- Hospital bill
- All original laboratory and diagnostic test reports
What is not covered by the policy?
The policy excludes pre-existing conditions and imposes a 15-day waiting period upon registration. PhonePe’s Corona Care insurance policy is only valid for one year in this case.
In the following situations, the coronavirus insurance policy will not be eligible:
If you have traveled outside of the United States within the past 30 days
If you have visited a city in India that is experiencing a coronavirus outbreak in the past 30 days,
If you have been admitted to the hospital.
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Article first published: Friday, April 9, 2021, 11:07 a.m. [IST]