The insurance policy, called ‘Corona Care’ has been launched in collaboration with Bajaj Allianz General Insurance.
Priced at Rs 156, the policy offers an insurance cover of Rs 50,000 for an individual under 55 years of age.
The insurance policy will be valid at any hospital offering COVID-19 treatment.
It will also take care of 30 days of pre-hospitalisation expenses and post-care medical treatment costs.
In order to purchase the insurance policy, no person needs to undergo any medical tests.
One can buy the insurance policy online in PhonePe app’s My Money section.
The company claims the entire process takes less than 2 minutes and the policy documents will be instantly issued within the PhonePe app.
PhonePe CEO Sameer Nigam said that many Indians don’t have health insurance covers so they might be faced with a financial burden if someone in their family needs to get hospitalization treatment for COVID-19.
To make the insurance policy affordable for every person, the company decided to waive off its commission cost.
“Unfortunately, despite global efforts to contain the pandemic, COVID-19 is still spreading fast and furiously across the world. The Indian government has taken very bold steps towards containing the outbreak in India,” Nigam said.
“However, many Indians don’t have health insurance covers, so they will be faced with an added financial burden in case someone in their family needs to get hospitalization treatment for COVID-19,” he added.
“Keeping the societal well-being in mind in these tough times, PhonePe has decided to forego its commission thus enabling an affordable product with Bajaj Allianz General Insurance,” he further said.