Edelweiss Tokio Life launches covid life insurance policy
9 November 2020
Edelweiss Tokio Life Insurance has launched India’s first individual Covid-19 life insurance product, 'Covid Shield+' to secure people’s dreams and aspirations from the financial impact of a Covid-19 diagnosis. Covid Shield+ also carves out a new niche product category for the industry, which caters to people’s increased protection needs, arising because of the pandemic. This insurance product carries term cover for a 1-year tenure and also offers a critical illness benefit.
“We have always strived to create relevant innovation, in line with the changing customer needs. Through our recent customer interactions, we realised 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," says Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance.
The premium rates start at ₹5,329. Covid Shield+ offers a critical illness benefit of minimum ₹10 lakh post 24-hour ICU or HDU hospitalization owing to Covid-19. In addition, on diagnosis of Covid-19, the product also triggers minimum enhanced term cover worth ₹25 lakh sum assured. Recognising the importance of a quick issuance in the current situation, the product does not require any medical examination and provides instant decisioning to the policy applicant.
“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 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," Mukhopadhyay added.
Covid Shield+ can be bought online or through an advisor representing Edelweiss Tokio Life by people within the ages of 18 to 65 years.