PremiumNEW DELHI: People have taken to buying insurance again, given the renewed surge in coronavirus infections. According to data from PhonePe, the payments app company saw a five-fold jump in sales for its Corona insurance policy in March vis-à-vis February.
Maharashtra, Andhra Pradesh, Karnataka, Telangana, and Gujarat contributed the most to the sales.
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Of those who bought the policy from PhonePe, 75% were from “smaller towns, outside the tier-1 cities."
PhonePe sells group insurance policy from Bajaj Allianz General Insurance, which is a disease-specific cover. The policy for covid-19 is sold at an annual premium of Rs396 for a cover of Rs50,000, and a Rs541 premium for a Rs1 lakh policy cover. It’s available for those in the 18-55 age group.
The policy covers hospitalisation expenses, including personal protective equipment or PPE, gloves, mask, ICU, oxygen and ventilator. The cover starts 15 days after the purchase of the policy.
PhonePe has settled most claims in Andhra Pradesh, Maharashtra, Telangana, Delhi and Karnataka since it started selling the policy last year, according to the press release. The company has paid more than Rs3.5 crore in claims.
A disease-specific cover is not a replacement for a health insurance policy. You can buy such covers in addition to a health insurance that pays for hospitalisation due to other diseases and ailments.
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