As new fresh cases of Coronavirus were disclosed in India, Digit, the online insurance company has launched a coronavirus insurance product that can be sold through its partner program.
A person who is tested positive can claim 100% of the insurance, while those quarantined can claim 50% of the sum insured. The premium of the insurance starts at Rs 299 and is also termed as ‘need-based insurance’.
As reported by Busines Insider, Digit Insurance, was founded by Goyal in 2016 and is backed by Canadian billionaire Prem Watsa’s Fairfax group. Watsa had pumped in $140 million into the insurtech startup. In May 2019, it was reported that Fairfax might invest more in the startup.
While talking about the product, Kamesh Goyal, Chairman, Digit Insurance said,
We are offering this as a flat benefit cushion cover, for both positive and quarantined cases. While for positive cases we pay 100%, 50% of sum insured is paid for quarantined cases so that even in the smallest way possible, it compensates for the loss of income during this period.
Goyal further added,
It is unfortunate to contract an infection for which treatments are still in the trial phases. In such a time, we saw this cover to be the need of the hour. We understand that at such a devastating time, customers wouldn’t want to be stuck doing paperwork and running around to raise money to pay for the multiple screening and treatment tests.
The insurance policy allows a person to insure for as little as Rs 25,000 and as much as Rs 2 lakhs. However, the policy excludes those who traveled to virus-positive countries in the last six weeks or testing done in a center other than those authorized in India.
