PhonePe, a digital payments platform, is selling a
coronavirus hospitalisation
insurance policy - Corona Care insurance policy. The policy is offered in collaboration with Bajaj Allianz General Insurance. This fixed benefit individual insurance product can be purchased directly via
PhonePe mobile App.
However, you must know that the policy is not open to senior citizens as the maximum age limit to buy this policy is 55 years. Also, you can settle claim only if you are diagnosed with COVID-19 disease after a waiting period of 15 days following the purchase of this coronavirus insurance. The policy also has various exclusions and certification requirements.
Here is a closer look at the insurance policy.
The policy framework
This is a 'Need-Based Insurance' cover filed with the IRDAI under the regulator's Sandbox Regulation. As per the regulator, under sandbox regulation, insurers can sell innovative products on a pilot basis for a limited period. Sameer Nigam, CEO, PhonePe said, "PhonePe's coronavirus insurance policy is valid for one year. Post claims, if any, the policy will stand expired."
According to the PhonePe press release, "PhonePe users can purchase their coronavirus insurance policy under the "My Money" section on the PhonePe app. The entire policy can be purchased through app and customers will be instantly issued their policy documents inside the PhonePe app."
Who and what is covered under the policy?
The Corona Care insurance policy can be bought by any Indian citizen in the age group of 18-55 years. Nigam said that this coronavirus insurance policy is priced at just 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. "It also covers 30 days of expenses related to pre-hospitalization costs and post-care medical treatment. Customers don't need to undertake any medical tests before purchasing the Corona Care policy," he said.
Documents required at the time filing claim
Along with a duly filled and signed claim form, you have to submit the diagnostic test confirming the positive existence of the coronavirus from a government-authorised centre. You will also need to provide a copy of your Aadhaar card or any other Government-issued ID card.
According to the policy document, you may have to submit the following documents at the time of claim settlement.
- Copy of address proof (ration card or electricity bill copy).
- NEFT details and a cancelled cheque of the insured beneficiary is required.
- Insured beneficiary original certificate of insurance copy along with original assignment endorsement (if any) certificate from district surveillance officer or Govt. Chief Medical Officer or any other authority appointed by the Government of India if tested as coronavirus disease positive.
- Aaadhar Card & PAN card copies (not mandatory if the same is linked with the Certificate of Insurance at the time of issue or in any previous claim).
- Hospital bill giving a detailed break up of all expense heads mentioned in the bill. Clear breakups have to be mentioned for Operation Theatre (OT) charges, doctor's consultation and visit charges, OT Consumables, transfusions, room rent, etc. Money receipt has to be duly signed with a revenue stamp.
- All original laboratory and diagnostic test reports. E.g. X-Ray, E.C.G, USG, MRI Scan, Haemogram etc.
Limitations of the policy
The policy is applicable only for the treatment for COVID-19 in case of hospitalization due to a positive diagnosis of COVID-19 disease. The policy does not cover pre-existing disease and comes with an initial waiting period of 15 days. Apart from this, you may not be able to renew this policy next year as it is issued only for one year and has been launched as a pilot project under sandbox regulations of IRDAI.
You must know that the product is offered for a limited period. In this case, PhonePe's Corona Care insurance policy is issued for only one-year tenure. It cannot be renewed next year unlike regular
health insurance indemnity policy, which can be renewed every year.
Apart from this, you will not be covered under the coronavirus insurance policy in the following circumstances:
- If you have travelled abroad in the last 30 days
- If you have travelled to a city in India going through the coronavirus outbreak in the last 30 days
- If you are already admitted in a hospital