Edelweiss Tokio Life launches COVID-19 insurance product
9 November 2019
Edelweiss Tokio Life Insurance has launched a Coronavirus (COVID-19) life insurance product. This product has a one-year tenure and offers financial protection against COVID-19 hospitalisation.
No medical tests will be conducted for buying the product and the starting premium is Rs 5,329. This is the first such individual term plan for COVID-19 in the market.
"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," said Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance.
The product offers a critical illness benefit of minimum Rs 10 lakh post 24-hour ICU (intensive care unit) or HDU (high dependency unit) hospitalization owing to COVID-19. In addition, on diagnosis of COVID-19, the product also triggers minimum enhanced term cover worth Rs 25 lakh sum assured.
For instance, if a 35-year-old working professional takes a one-year cover with enhanced sum assured of Rs 25 lakh, he pays Rs 5,329 as the premium. In case he is admitted into the ICU due to COVID-19 at the end of sixth month and then recovers fully, 40 percent of the sum insured or Rs 10 lakh is paid.
As per the product brochure, in case of death due to suicide within 12 months from the risk commencement date, the nominee will be entitled to receive at least 80 percent of the ‘total premiums paid’ till the date of death or the surrender value available as on the date of death whichever is higher.
Covid Shield+ can be bought online or through an advisor representing Edelweiss Tokio Life by people within the ages of 18 to 65 years.