Edelweiss Tokio Life Insurance has launched individual COVID-19 life insurance in India, to secure individuals from the financial impact of a COVID-19 diagnosis. This insurance has a tenure of one year and covers critical illness benefit.
Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance said, “We have always strived to create relevant innovation, in line with the changing customer needs. Through our recent customer interactions, we realized that the threat of financial impact has made this disease even more daunting. People are worried that a COVID-19 diagnosis will disrupt their savings and therefore their long-term aspirations. We want to take away that worry from our customers through ‘COVID Shield+’ and let them focus on a healthy recovery instead of their finances.”
Insurance is offered at a premium rate of Rs 5,329. The insurance offers critical illness benefits of a minimum of Rs 10 lakh and posts 24-hour ICU or HDU hospitalization. Additionally, on the diagnosis of COVID-19, the product triggers minimum enhanced term cover worth Rs 25 lakhs sum assured. However, the product does not require any medical examination.
Mukhopadhyay added, “There were several factors that contributed to this product design. While ICU/HDU hospitalization can be an expensive affair, the peripheral and post-hospitalization 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 combating 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.”
‘COVID Shield+’ can be bought online or through their official advisor representing Edelweiss Tokio Life by people within the age bracket of 18 to 65 years.
