The policy is priced at Rs 156 with an insurance cover of Rs 50,000 for a person aged under 55 years, and the cover is applicable at any hospital offering coronavirus treatment, a statement said.
It also covers 30 days of expenses related to pre-hospitalisation costs and post-care medical treatment, it added.
Users can purchase the policy from the PhonePe app, and the customer is issued policy documents within the app, it said.
“The Indian government has taken very bold steps towards containing the outbreak in India. However, many Indians don’t have health insurance covers, so they will be faced with an added financial burden in case someone in their family needs to get hospitalisation treatment for COVID-19,” PhonePe Founder and CEO Sameer Nigam said.
He added that PhonePe has decided to forego its commission, thus enabling an affordable product with Bajaj Allianz General Insurance.
Apart from this, the startup has launched a donation drive and said it aims to contribute up to Rs 100 crore to PM CARES Fund towards fighting coronavirus crisis.
PhonePe said it will contribute Rs 10 for every user who donates to the PM CARES Fund via the PhonePe app using UPI by April 30, 2020.
Sameer said the Rs 100 crore pledge is an attempt to lift the mood of the country in this period of crisis.
“We are asking every Indian to unite together and donate, even if it’s just Re 1, to the PM CARES Fund. Our mission is to get 10 crore people to donate to this cause and create a world record for the highest ever number of donors for a cause in history,” he added.