Hyderabad: Edelweiss Tokio Life Insurance launched Covid Shield+, an individual Covid-19 life insurance product. The product, which carries a 1-year tenure, offers a critical illness benefit and a term cover.

Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance said, “We realised that the threat of financial impact has made this disease more daunting. People are worried that a Covid-19 diagnosis will disrupt their savings and their long-term aspirations. We want to take away that worry from our customers.”

With premium rates starting at Rs 5,329, Covid Shield+ offers a critical illness benefit of minimum Rs 10 lakh post 24-hour ICU or HDU hospitalisation owing to Covid-19. In addition, on diagnosis of Covid-19, the product also triggers minimum enhanced term cover worth Rs 25 lakhs sum assured. The product does not require any medical examination.

“While ICU/HDU hospitalisation can be an expensive affair, the peripheral and post-hospitalisation costs for recovery are also significant. There is also a considerable risk of income loss if the breadwinner does not survive the disease. Some families are already combating worries of job loss and any huge healthcare expense could completely deplete their savings.” Mukhopadhyay said.

Covid Shield+ can be bought online or through an advisor by people within ages of 18 to 65 years, a release said.

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