News 540 views March 9, 2020

Digit Launches Coronavirus Insurance Product

After claiming thousands of lives, Coronavirus is the latest nightmare that the world is facing. No country has escaped the fear of contracting the epidemic, even in India we have 6 registered cases of this virus. The panic and fear towards the contraction of the disease have grown multi-folds, therefore, many companies are fighting coronavirus-led Covid-19 disease in their ways. Bengaluru based Digit Insurance is one such company who is fighting this disease by securing patients financially.

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Digit Insurance, an online insurance providing company has launched an insurance plan for coronavirus impacted people in India. The treatment cost of coronavirus let Covid-19 disease is said to be high. Therefore, the company has designed and introduced this product to provide medical coverage to cover the cost of medical treatment of the patients.

The features of this coronavirus insurance product are as under:

  1. The customer has an option to choose the sum assured ranging between Rs 25000 to Rs 2 lakhs
  2. The minimum premium amount for the cover is Rs 299 per month
  3. ICMR – National Institute of Virology is the authentic body to diagnose the disease.
  4. Once a patient is tested positive for coronavirus, the Digit Insurance Company shall reimburse 100 percent of the claim amount.
  5. For availing the reimbursement, the patient does not have to wait until the completion of treatment, a positive diagnosis from ICMR will allow the patient to file for the claim.
  6. In case quarantine is advised to the patient, the Digit insurance company will provide 50% of the claim amount in lumpsum everyday for the next 14 days. This benefit is applicable even if the patient is later found to be negative for coronavirus.
  7. The policy offers fixed benefit to the patient and helps to cover the cost of treatment in times of medical emergency
  8. The Digit Insurance Company ensures that the claim settlement is hassle-free as no hard copies are required at the time of registering the claim.
  9. Only one document is required for registering the claim i.e. the certificate from a government medical officer.
  10. This is a 1-year policy which will end after the payment of 100 percent of sum assured
  11. The policy applies to resident Indians only, who are less than 75 years old.
  12. The policy has a waiting period of 15 days.
  13. Additionally, the company suggests that the insured must not be in touch with someone who has a history of coronavirus till the end of the policy tenure.
  14. The insured must not have symptoms like cough, fever, body pain, etc. at the time of policy purchase.
  15. Lastly, the policy does not cover individuals who have travelled to corona-affected countries in the last 6 weeks or if the diagnosis of the test was not done from authorised ICMR outlets.

The chairman of Digit Insurance, Kamesh Goyal in his official statement offered concerns to the affected families and ensured that the company
will secure their finances in such devastating times. He promised to offer a flat benefit to both positive patients and quarantine patients. The flat benefit cover offers 100% payment to positive patients and 50% of sum assured to quarantined cases

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