Digital payments major PhonePe, has joined hands with ICICI Lombard, leading non-life private insurance companies to launch Hospital Daily cash benefit under Group Safeguard Insurance, a sachet-based group insurance product.
This product is a customized hospitalisation policy that enables PhonePe users to get an assured amount if they are hospitalised due to injury or illnesses including COVID-19.
According to the company’s official communiqué, the biggest benefit of this product is that hospital bills are not required for the claim. A Discharge Certificate would be sufficient in most cases for the claim processing.
The cover can be availed in less than 2 minutes as the process is quite simple and customers can view their policy documents instantly on the app. This is one of the most affordable hospitalization insurance policies available in the market today. PhonePe users in the 18-65 age group can get this product on the app and don’t need to undergo any prior medical tests.
The Hospital Daily Cash benefit enables customers to choose a cover from Rs 500 per day up to Rs 5,000 per day at an annual premium starting at just Rs 130 including taxes, effectively costing just Rs 0.35 per day. A minimum of 48 hours hospitalisation is required for being eligible for a claim along with a deductible of one day for each claim. This is applicable for hospitalization at any government or private hospital across the country. Customers get double the insurance cover amount if they are admitted to an ICU. Customers who already have mediclaim policies, employer health insurance, self-funded means of paying hospital bills would also be eligible for the claim payout benefit.
Commenting on the launch, Gunjan Ghai, VP & Head of Insurance, PhonePe said, “In the current situation, people are worried about hospitalisation expenses. This includes both customers who already have medical insurance and those who don’t have it. Insurance products in India have traditionally been designed and targeted at the relatively affluent segment. This leaves a huge untapped pool of customers who need highly affordable insurance products customized for their needs. We believe that with Hospital Daily Cash benefit, customers will no longer need to worry about expenses arising due to hospitalization for most diseases including COVID-19. We remain deeply committed to making insurance affordable, simple and accessible for our 200+ million users.”
On the launch, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance said, “We are delighted to associate with PhonePe for the launch of Hospital Daily Cash benefit under Group Safeguard Insurance as a unique sachet-based product. At ICICI Lombard, our focus is to support our customers in their hour of need, thereby demonstrating our brand ethos of Nibhaye Vaade. We have always strived to be in sync with changing customer requirements and in these challenging times, affordable products are the need of the hour. Further, benefits like assured cash in the event of hospitalization without the need of a bill should provide additional help and convenience to customers in these challenging times.”
PhonePe users can get insured under this cover on the app in a few simple steps. All they need to do is to go to the homepage or the Insurance tab under the “My Money” section of the app (both Android & iOS). They just need to select Hospital Cash under the Insurance section, fill up the details of the insured and make the payment.