New Delhi: Digital payments company PhonePe on Wednesday announced a medical insurance policy called 'Corona Care' for people who have been infected and hospitalized for Coronavirus treatment. PhonePe launched this policy in partnership with Bajaj Allianz General Insurance, one of India’s largest and most trusted general insurance companies.

This Coronavirus insurance policy is priced at Rs 156 with an insurance cover of Rs 50,000 for a person aged under 55 years and the cover is applicable at any hospital providing Coronavirus treatment.

Besides, it covers 30 days of expenses related to pre-hospitalization costs and post-care medical treatment.

"Customers don’t need to undertake any medical tests before purchasing the 'Corona Care' policy. They can purchase it instantly from the convenience of their homes considering the current lockdown observed in the country," PhonePe said.

PhonePe users can purchase their Coronavirus insurance policy available under the “My Money” section on the PhonePe app. The entire policy purchase process takes less than 2 minutes and customers will be instantly issued their policy documents inside the PhonePe app.

Speaking on the launch Sameer Nigam, Founder & CEO, PhonePe said, “Unfortunately, despite global efforts to contain the pandemic, COVID-19 is still spreading fast and furiously across the world. The Indian government has taken very bold steps towards containing the outbreak in India."

"However, many Indians don’t have health insurance covers, so they will be faced with an added financial burden in case someone in their family needs to get hospitalization treatment for COVID-19," Nigam said.

"Keeping the societal well-being in mind in these tough times, PhonePe has decided to forego its commission thus enabling an affordable product with Bajaj Allianz General Insurance, he said.

Meanwhile, Bajaj Allianz General Insurance MD and CEO Tapan Singhel said that Covid-19 pandemic is impacting our country and the world at large and we are aware of the safety measures which we must inculcate in our day-to-day activities, but we must also ensure our loved ones are taken care of with a requisite health insurance cover in case of an exigency.

"Through our collaboration with PhonePe, customers can now avail of this unique product which covers COVID-19 by following a few simple steps on the PhonePe app and can ensure that their family is secure. Our affordable insurance product integrated with other safety measures will help us to emerge stronger out of these challenging times,” he said.