Edelweiss Tokio Life launches Covid Shield+: A term insurance plan with coronavirus cover – Check features
9 November 2020
Edelweiss Tokio Life Insurance has announced the launch of Covid Shield+ to secure people’s dreams and aspirations from the financial impact of a Covid-19 diagnosis. Edelweiss Tokio Life COVID Shield+ is a newly launched plan offering insurance coverage for coronavirus disease or COVID-19. COVID Shield+ has been specifically designed to cater to the financial expenses caused due to COVID-19. The treatment for COVID-19 can require lakhs of rupees and lack of proper medical care could also lead to fatalities. In a situation like this, it is best to be prepared financially to secure your family’s future.
COVID Shield+ offers you insurance covering coronavirus disease, which can be of great relief if you are diagnosed with COVID-19 and your symptoms are critical. You will also have the peace of mind that if God forbid, your Coronavirus infection turns out to be fatal, your family will still be financially protected with an insurance policy for COVID-19.
Since COVID Shield+ is a plan that caters to the need of being financially protected against COVID-19, this insurance policy for COVID-19 will be terminated after one year. You need to make just a one-time premium payment, and you are financially shielded from Coronavirus! The product, which carries a 1-year tenure, offers a substantial critical illness benefit, a term cover, is cost effective and offers instant decision-making without any medical examination.
Commenting on the product launch, 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 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.”
With premium rates starting at only Rs. 5,329, Covid Shield+ offers a critical illness benefit of minimum Rs. 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 Rs. 25 lakhs sum assured. Recognising the importance of a quick issuance in the current situation, the product does not require any medical examination and provides instant decision-making 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.