With the number of cases of Covid-19 on the rise across the country, Walmart-owned digital payments company PhonePe is seeing an uptick in the use of its Coronavirus (Covid-19) insurance product, which was launched last year. Maharashtra, Andhra Pradesh, Karnataka, Telangana, and Gujarat were the top states contributing to sales. In March 2021 when cases began to rise across the country), PhonePe saw a fivefold increase in corona insurance sales compared to February. This insurance is provided by PhonePe in collaboration with Bajaj Allianz General Insurance. For a cover of Rs 50,000, the annual premium starts at Rs 396. Customers can also choose a higher cover of Rs 1,00,000 for Rs 541 more.
Benefits of PhonePe Coronavirus Insurance Policy
1) Depending on your policy, you can get a hospitalisation benefit 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 at all private and public hospitals.
5) Covers pre and post hospitalization expenses for 30 days, including tests and consultations
6) PPE (personal protective equipment), gloves, mask, 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 Homepage
Step 3: Click on the 'Insurance; tab
Step 4: Select Coronavirus Insurance
Step 5: Read all terms and conditions
Step 6: Click on Get this policy.
This is a hospitalisation indemnity cover offered to PhonePe customers under the group policy framework, and it can be purchased and renewed just like a regular insurance policy.
However, the person insured will only be eligible for claims if they are diagnosed with COVID-19 after 15 days from the date of purchase of this insurance. Say for example, if someone 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, putting them at a financial disadvantage if a member of their family requires hospitalisation for COVID-related illness.
Documents required at the time filing claim:
- Address proof copy
- Insured beneficiary's NEFT details and a cancelled cheque
- original certificate of insurance copy along with original assignment endorsement
- Aaadhar Card & PAN card copies
- Hospital bill
- All original laboratory and diagnostic test reports
What is not covered in the policy?
The policy excludes pre-existing conditions and imposes a 15-day waiting period upon enrollment. 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 travelled outside of the United States in the last 30 days
If you have visited a city in India that is experiencing a coronavirus outbreak in the last 30 days,
If you've been admitted to the hospital.