Edelweiss Tokio Life policy has introduced India’s first individual COVID-19 life insurance product ‘Covid Shield+’ to protect people’s dreams and aspirations from the financial effects of a COVID-19 diagnosis. Covid Shield+ carves out to introduce a new niche product type for the industry, which caters to people’s high protection needs, arising due to the pandemic. Insurance product covers over 1-year tenure and also gives a critical illness benefit.
Subhrajit Mukhopadhyay, Executive Director of Edelweiss Tokio Life insurance, said that the company always tried to create suitable innovation, according to the changing needs of the customers. Through recent customer interaction, the company has realized that the threat of financial impact has made this disease even more daunting. People are worried about their savings and long-term aspirations that a COVID-19 diagnosis might disrupt. The company wants to take away worries from the customers through Covid Shield + and help the customers to focus on healthy recovery rather than their finances.
Covid Shield + provides critical illness benefits of a minimum of Rs. 10 lakh post-24-hour ICU or HDU hospitalization due to COVID-19. The premium rate starts at Rs. 5,329. Additionally, on diagnosed with COVID-19, by recognizing the importance of a quick issuance in this pandemic situation, the product does not need any medical examination and provides an instant decision to the policy applicant, the product also triggers minimum enhanced tenure cover worth Rs 25 lakh sum assured.
Mukhopadhyay added that various factors contributed to the design of the Covid Shield + product. While ICU / HDU hospitalization can be a costly affair, the peripheral and post-hospitalization expenses for recovery are also important. If the breadwinner does not survive the illness, then there will be a considerable risk of their income loss. Some families are worried about their job loss, and any huge healthcare cost could completely deplete their savings. Covid Shield + is an extensive solution that contributes to financial protection against any such eventuality.
Covid Shield + product can be bought online or through a consultant representing Edelweiss Tokio Life by people within the age group of 18 to 65 years.