HDFC (Housing Development Finance Corporation) Life and HDFC ERGO, the joint venture created by the collaboration of HDFC and ERGO International AG, the group insurance company owned by one of the world’s leading reinsurance company Munich Re Group situated in Germany, have joined together to launch ‘Click 2 Protect Corona Kavach’.
The policy is a combination of the Click 2 Protect 3D Plus policy of HDFC Life and Corona Kavach’s policy of HDFC ERGO. Click 2 Protect 3D Plus is an online insurance plan offered by HDFC Life for their customers assuring comprehensive security at affordable prices. 3D in Click 2 Protect 3D Plus policy stands for three main uncertainties in human life, that is Death, Disabilities, and Disease.
Corona Kavach by HDFC ERGO is a standard health insurance policy designed to cover medical expenses arising due to COVID-19. The medical expenses such as hospitalization expenses, pre and post hospitalization, home care treatment expenses, and AYUSH treatment expenses for those customers tested positive for COVID-19 infection.
The new product offers both Individual Cover and Family Floater Cover. Customers can extend the COVID-19 health cover to a spouse, dependent children below the age of 35, dependent parents, and parents-in-law.
Though this is a combination plan, the policy term and sum assured by Click 2 Protect 3D Plus, and Corona Kavach are independent of each other. The customer can select the policy and sum assured based on the plan they have chosen. Sum assured can be selected from Rs. 50,000 to Rs. 5,00,000 for a period of 3.5 or 6.5 or 9.5 months of purchase term.
The Chief Actuary and Appointed Actuary of HDFC Life, Mr. Srinivasan Parthasarathy spoke about the launch that a general sense of uncertainty and vulnerability in multiple areas was created as an impact of the COVID- 19 pandemics. One such negative impact is the cost incurred for treatment of COVID-19, for families where there is only one earning member such expenses would drag them into financial difficulties. It is high time that consumers take concrete steps towards protecting their financial security. Click 2 Protect Corona Kavach provides complete financial protection in this pandemic situation. Further, the product includes a family floater facility by which the policyholder can add family members into the plan.