NEW DELHI: Tata AIA Life Insurance recently announced additional benefits for its policyholders and agents, under which individual policyholders will get Covid-19-related additional benefit up to Rs 5,00,000 at no additional cost. The company said that all its ‘active’ agents, along with their spouses and children, will be reimbursed up to Rs 25,000 in case of hospitalisation due to the virus.
This benefit is applicable for all valid death claims with date of death on or before June 30, 2020. “We are all collectively facing a situation like never before... We have done this by digitally enabling our employees and agents to stay safe at home, while continuing to be available for our consumers 24x7 for all their needs so that we uphold our promise to policyholders, which is especially critical during such times,” said Rishi Srivastava, MD and CEO, Tata AIA Life Insurance.
As the number of Covid-19 cases has gone up significantly in the last few weeks, demand for insurance, both health and life, has seen a rise. Owing to this, many insurance companies have come up with products, especially for treatments, that cover an individual against the Covid-19 infection.
Flipkart-owned PhonePe recently launched ‘Corona Care’ in collaboration with Bajaj Allianz General Insurance for people who have been infected and hospitalised for Covid-19 treatment. Priced at Rs 156, the policy will provide an insurance cover of Rs 50,000 for people under the age of 55 years.
Private player ICICI Lombard has also rolled out a focused Covid-19 protection cover. The health cover is priced at a premium of Rs 149 and provides a sum insured of Rs 25,000, including value added benefits. Similarly, Star Novel Coronavirus Insurance Policy, launched by Star Health and Allied Insurance, covers all those who test positive for Covid-19. It is available under two sum insured options of Rs 21,000 and Rs 42,000 at premiums of Rs 459 plus GST and Rs 918 plus GST respectively.
The new launches come even as the Insurance Regulatory and Development Authority of India has said that Covid-19 treatment will be covered under existing health insurance policies. It is to be noted that if an existing life cover holder dies due to the virus, the nominee will get the sum assured as the death benefit.