ICICI Lombard General Insurance & PhonePe have collaborated to launch ‘Hospital Daily cash benefit scheme’, a customized policy that will allow customers to get an assured amount if they are hospitalized. Now the customers will require to produce hospital bills to claim the amount from insurance company.
The policy that has been launched under Group Safeguard Insurance will bear the hospitalization cost of COVID-19 or Coronavirus patients as well.
How will the policy work?
The new insurance policy allows the users to select a cover ranging from Rs.500 to Rs.5,000 for a day of hospitalization. A minimum 48 hours hospitalization is needed to be eligible for the claim with a deductible of one day for each claim. In addition, the cash benefits would be applicable for hospitalization at any government and private hospitals across India.
The insurance company said that a discharge certificate from the hospital will be enough in most cases for the claim processing. Consumers will get double the insurance cover amount if they are admitted to the ICU or intensive care unit.
Who can buy this policy?
PhonePe users in between the age group of 18 -65 years are eligible for this health insurance policy. The ICICI Lombard in a statement said, "This is one of the most affordable hospitalization insurance policies available in the market today". People who already have mediclaim policies, employer health insurance, self-funded modes of paying hospital bills would also be able to claim the payout benefit.
What is the Cost?
The yearly premium for Hospital Daily cash benefit policy begins from as low as Rs. 130 including the taxes. Those using PhonePe can avail this policy in "less than two minutes as the process is very simple," the digital payment platform said. Additionally, the customers can see their policy documents instantly on the app.
Sanjeev Mantri, Executive Director of ICICI Lombard General Insurance said that "Benefits such as assured cash in the event of hospitalisation without the need of a bill should provide additional help & convenience to the customers in these challenging times”.
Gunjan Ghai, VP & Head of Insurance of PhonePe said that “In the current situation, people are worried about the hospitalisation expenses. This includes both customers who already have medical insurance & those who don’t have it".
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