Money & Banking

PhonePe, ICICI Lombard team up to offer Hospital Cash cover

Hemani Sheth Mumbai | Updated on July 23, 2020

Digital payments platform PhonePe on Thursday announced the launch of its Hospital Daily Cash benefit under Group Safeguard Insurance in partnership with private insurer ICICI Lombard.

“It is a customised hospitalisation policy that allows PhonePe users to get an assured amount if they are hospitalised due to injury or illnesses including Covid-19,” the company explained in an official release.

As part of this policy, a Discharge Certificate would be sufficient in most cases for processing claims without hospital bills.

The cover can be availed of in less than two minutes, the company said. Customers can view their policy documents instantly on the app. PhonePe users aged 18-65 can get this policy without prior medical tests.

However, only hospitalisations for a minimum of 48 hours qualify for claims. All government and private hospitals come under the insurance cover. ICU-admitted patients will qualify for double the insurance cover.

“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,” it said.

Gunjan Ghai, VP & Head of Insurance, PhonePe, said, “In the current situation, people are worried about hospitalisation 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 customised for their needs. We believe that with Hospital Daily Cash benefit, customers will no longer need to worry about expenses arising due to hospitalisation for most diseases, including Covid-19 infections.”

PhonePe users can buy the insurance through the app, from the “My Money” section. They can then select ‘Hospital Cash’ under the Insurance section, fill up the details of the insured and make the payment.

Published on July 23, 2020

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