Along with the lump sum payout, the policy will cover health assistance benefit, virtual and teleconsultation benefit as well as ambulance assistance.
In view of the current health emergency across the world, various insurance companies are coming up with products that will help policyholders during this time. True Balance, a Fintech app, has joined hands with ICICI Lombard to provide health insurance cover to all those who test positive for COVID-19, using a government-accredited COVID-19 test. This will cover around 1 billion unbanked Indians against coronavirus.
This will enable people across Tier II, Tier III, and Tier IV consumer base, as it will enable them with a health plan, that can take care of the expenses in case of any emergency. One will have to pay only Rs 159 as premium.
The policy will provide an immediate lump sum of Rs 25,000 to the policyholder at a premium of Rs 159, including GST. To avail of this insurance cover, people need to have the True Balance app nationwide. Along with the lump sum payout, the policy will cover health assistance benefit, virtual and teleconsultation benefit as well as ambulance assistance.
True Balance says the platform has witnessed a surge in demand for insurance in the past 1 month, and their insurance sales have increased over 10X since March, and the amount of insurance recharge has grown 8X during the same time period.
Victor Choi, CEO, Balancehero India, said, “In the current phase of community transmission, the global threat of the nature of COVID-19 is a bigger threat to Tier-3 and 4 cities and towns across India. Especially, given the density of population in India. Rural regions in India are relatively less covered by insurance, and at this point in time, affordable insurance products to benefit the next billion users are needed.” True Balance is a fintech app operated by Balancehero India and is a wholly-owned subsidiary of Balancehero Co. Ltd. Korea.