Edelweiss Tokio Life Insurance has rolled out a policy designed to protect those who contract coronavirus.
The firm describes Covid Shield+ as India’s first life insurance product for covid-19.
The policy carries a “one-year tenure, offers a substantial critical illness benefit, a term cover, is cost effective and offers instant decisioning without any medical examination”, it said.
Premium rates start at INR5,329 (£55, $72, €61) and it is available to those aged between 18 and 65m, wither online or via an adviser representing Edelweiss Tokio Life.
What benefits?
The product offers a minimum critical illness benefit of INR1m post 24-hour intensive care unit (ICU) or high dependency unit (HDU) hospitalisation owing to coronavirus.
In addition, a covid-19 diagnosis triggers minimum enhanced term cover worth INR2.5m sum assured.
Edelweiss Tokio Life executive director Subhrajit Mukhopadhyay commented: “There were several factors that contributed to this product design.
“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 combatting worries of job loss and any huge healthcare expense could completely deplete their savings.
“Covid Shield+ is a comprehensive solution that provides financial protection against any such eventuality,” Mukhopadhyay added.
