COVID 19 Health Insurance: Pay Rs 499 for a cover of Rs 25,000 from day 1

With the outbreak of Coronavirus, the need to get a health insurance policy for self and family members has gone up. While most regular health insurance policies do not cover the OPD expenses or expenses for tests or even hospitalisation below 24 hours of admission in a hospital, the specially focused health covers for financial protection against COVID-19 may come handy. Further, regular health covers do not provide coverage against ailments from day one. Airtel Payments Bank, India’s first Payments Bank, has partnered with Bharti AXA General Insurance, to offer focused health insurance plans covering medical expense arising out of COVID-19.

The companies have announced the launch of two health insurance plans – Bharti AXA Group Health Assure which offers lump sum benefit of Rs 25,000 and Group Hospital Cash which provides daily benefit starting Rs 500 per day – to provide protection against COVID-19.

Bharti AXA Group Health Assure Policy covering COVID-19 comes with a fixed cover offering 100 per cent sum insured as a lump sum if the policyholder is diagnosed positive or gets quarantined in a government hospital or military facility/establishment. In case, the policyholder is diagnosed negative after being quarantined for at least 14 days in a government hospital or military facility/establishment, he or she will be entitled to 50 per cent of the sum insured.

The policy offers protection for COVID-19 from day one of the purchase and can be purchased at a price of Rs. 499 (including GST) for fixed sum insured of Rs. 25,000. To buy the policy, one may access the Banking Section of the Airtel Thanks App or by visiting the nearest active Banking Point of Airtel Payments Bank.

Group Hospital Cash Policy provides per day fixed allowance on hospitalization with Enhanced ICU Cash. Under this policy, depending on the plan, a customer is entitled to a fixed per day benefit of Rs 500 or Rs 1000 paid for each day of hospitalization, up to a maximum for 10 days. This benefit doubles, if the policyholder is treated in the Intensive Care Unit (ICU). A customer can claim the benefit if hospitalised for a minimum of 24 hours.

After the initial waiting period of 30 days from the first policy inception date, Group Hospital Cash covers pre-existing diseases and specified conditions. The product also provides coverage for a policyholder who is hospitalised for treatment of COVID-19. It can be purchased from any active Banking Point of Airtel Payments Bank. The product will be soon available under the banking section of Airtel Thanks mobile app.

With no pre-medical check-up required, both the products are currently available for Savings bank account customers of Airtel Payments Bank who are not suffering from COVID-19or its symptoms. The validity period of these policies is restricted to one year and will be issued on an individual name basis only.