Paytm brings new COVID-19 insurance - covers loss of pay, quarantine expenses and treatment costs

Paytm (owned by One97 Communications Limited) announced the launch of COVID-19 Benefit Insurance Policy in collaboration with Reliance General Insurance, which provides the widest possible coverage. This insurance plan offers a best-in-class sum assured a maximum of Rs. 2 lakhs.

The COVID-19 Protection insurance is a much needed product in the market. From covering against positive diagnosis, 14-day quarantine, loss of pay/job, it also offers a waiver to the 45 days Travel exclusion policy as add-ons. It aims at reducing the financial implications one might occur due to the pandemic.

Amit Nayyar, President- Paytm said, "In these unprecedented times, everyone needs to take extra precautions to safeguard personal, their family as well as community's health. With our COVID-19 Benefit Insurance Policy, we aim to provide simple health insurance coverage that will take care of most expenses that a Coronavirus patient might have to incur. The digital policy can be purchased on the Paytm app and is generated online within a few minutes from the safe confines of one's home."

The policy provides 100% sum-insured in lumpsum on being tested positive for the virus and the patient does not need to wait for the entire treatment to get completed to receive the financial help. The policy covers individuals between the ages of 3 months to 60 years, with a wide range of sum-insured options ranging from Rs. 25,000 to Rs 2 lakhs.

The entire process of purchasing the policy is quite hassle-free and the users do not require extensive or any manual documentation. The policy can be bought by following a few simple steps on the Paytm app.

Paytm COVID-19 Insurance covering all eventualities

100% of Sum Insured given in case of Covid-19 positive case

Quarantine Cover, Loss of Job, Loss of Pay, Travel Exclusion Cover as Addons with additional premium

Age eligibility: 3 months to 60 years

100% digital claims process

Commenting on this development, Rakesh Jain, ED & CEO, Reliance General Insurance said, “Looking at the current scenario, COVID-19 Protection Insurance is a much-needed product in the market. During these trying times, RGI believes its duty to ensure mass coverage for India to combat this large-scale crisis. Our digital partnership with Paytm to ensure access to its millions of users across the length and breadth of the country is one of the ways we are removing the barriers to COVID-19 diagnoses and treatment.”

The COVID-19 Benefit Insurance Policy has a validity period of one year and there are multiple plans that can one opted depending on one’s need. The waiting period is for 15 days before one can claim against the policy.