The plan has a policy period of one year and the waiting period is for 15 days before one can claim against the policy, according to a statement by the company.
“We have designed this product to reduce the financial implications this pandemic can bring to an individual, by offering them a lump sum policy, irrespective of the treatment cost,” the company’s Executive Director and CEO Rakesh Jain said.
The plan will cover anyone aged between three months and 60 years, for a sum-insured option from Rs 25,000 to Rs 2 lakh.
It will also give cover for any loss of pay or job under separate add-ons in addition to the base policy.
The plan has an add-on option, ‘Travel Exclusion Removal‘, which offers a waiver to the 45-day travel exclusion policy and enables the insured to claim 100 percent of the sum-insured if they test positive.
Earlier, in another development, Flipkart-owned PhonePe launched a coronavirus hospitalisation insurance policy, called ‘Corona Care‘, in partnership with Bajaj Allianz General Insurance.
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.
Apart from this, the startup has launched a donation drive and said it aims to contribute up to Rs 100 crore to the PM CARES Fund towards fighting the coronavirus crisis.