Indian firm Digit Insurance recently announced its new product which will help customers get coverage for the recent coronavirus outbreak, said Financial Express. Clients can get as much as Rs. 2 lakhs in coverage provided that they qualify for the policies.
The new product comes in light of the verified coronavirus cases in India. The virus, which has spread in more than 70 nations and has caused the death of over 3,000 people worldwide, will now be tackled by Digit as a way to help customers protect themselves.
Financial Express noted that the firm’s offer is a “need-based insurance cover” which will fall under the Digit Health Care Plus product. It will also be overseen by Sandbox Regulations by the Insurance Regulatory and Development Authority (IRDA). The Sandbox has been urging coverage providers to develop and innovate the industry for Indian clients, and the virus is one of the matters that has encouraged such innovations.
Digit Insurance chairman Kamesh Goyal recognized the severity of getting a disease that has yet to be completely treated, which is why the firm’s new policy “is the need of the hour.” He noted that the need-based cover will be a “flat based cushion” for individuals who test positive for COVID-19 and those who are quarantined.
This offer is available only to Indian residents with ages under 75 who have not been in touch with a person suspected of having or has a history of having the virus. Those who have traveled in countries with high numbers of cases are not eligible.
Customers can choose from different options starting with Rs. 25,000 with a premium of Rs 299 for a 30-year-old client. The maximum coverage is Rs. 2 lakhs. Goyal said that positive cases will receive 100% of the sum insured while quarantined ones will be given a 50% payout.
Digital Insurance’s offer is for sale only until July 1, 2020, said Money Control.