Chennai, NFAPost: Edelweiss Tokio Life Insurance on Monday announced the launch of Covid Shield+, India’s first individual Covid-19 life insurance product, to secure people’s dreams and aspirations from the financial impact of a Covid-19 diagnosis.
The life insurer was guided by customer insights on vast deviations in private healthcare cost and an increased sense of financial uncertainty during this ongoing pandemic.
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. The product, which carries a 1-year tenure, offers a substantial critical illness benefit, a term cover, is cost effective and offers instant decisioning without any medical examination.
Edelweiss Tokio Life Insurance Executive Director Subhrajit Mukhopadhyay 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,” he added.
With premium rates starting at Rs 5,329, Covid Shield+ offers a critical illness benefit of minimum Rs 10 lakh post 24-hour ICU or HDU hospitalisation 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. 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,” 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.
