Paytm today announced the launch of the COVID-19 Benefit Insurance Policy in collaboration with Reliance General Insurance. This insurance plan will give out 100 per cent sum insured in case one is tested positive for coronavirus. It aims at reducing the financial implications one might occur due to the pandemic.
The policy will be covering against positive diagnosis of coronavirus, 14-day quarantine, along with loss of pay or job loss. Additionally, as add-ons, it offers a waiver to the 45 days travel exclusion policy. This insurance plan comes with a sum assured of up to Rs 2 lakh.
The policy will give out 100 per cent sum-insured as lumpsum on being tested positive for coronavirus. The policyholder/ patient will not have to wait for the entire treatment to get completed to receive the sum insured. The policy will be available for individuals aged between 3 months and 60 years. The sum insured for this policy ranges from Rs 25,000 to Rs 2 lakh.
The entire process of purchasing the policy can be done through the Paytm app. It does not require extensive or any manual documentation. Amit Nayyar, President, Paytm said, "With this COVID-19 Benefit Insurance Policy, we will provide simple health insurance coverage that will take care of most expenses that a coronavirus patient might have to incur. The digital policy can be purchased on the Paytm app and is generated online within a few minutes sitting at home."
Rakesh Jain, ED, and CEO, Reliance General Insurance, said, "Looking at the current scenario, COVID-19 Protection Insurance is a much-needed product in the market. During these trying times, we are trying to ensure mass coverage for India to combat this large-scale crisis."
The policy comes with a validity period of 1 year and policyholders can opt from multiple plan options depending on his/her needs. Note that, the policy comes with a waiting period of 15 days before the policyholder can claim against the policy.