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PhonePe partners with ICICI Lombard to offer hospital daily cash benefit

PhonePe partners with ICICI Lombard to offer hospital daily cash benefit

PhonePe partners with ICICI Lombard to offer hospital daily cash benefit
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By CNBCTV18.com Jul 24, 2020 9:46:30 AM IST (Published)

PhonePe, country’s digital payments platform, in partnership with ICICI Lombard, has announced the launch of hospital daily cash benefit under ‘Group Safeguard Insurance’, a sachet-based group insurance product.

PhonePe, country’s digital payments platform, in partnership with ICICI Lombard, has announced the launch of hospital daily cash benefit under ‘Group Safeguard Insurance’, a sachet-based group insurance product.

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"It is a customized hospitalization policy that allows PhonePe users to get an assured amount if they are hospitalized due to injury or illnesses including COVID-19. The biggest benefit of this product is that hospital bills are not required for the claim," PhonePe said in a statement.
A discharge certificate would be sufficient in most cases for the claim processing.
"The cover can be availed in less than 2 minutes as the process is quite simple and customers can view their policy documents instantly on the app," PhonePe said.
Users in the 18-65 age group can get this product on the app and don’t need to undergo any prior medical tests.
The hospital daily cash benefit enables customers to choose a cover from Rs 500 per day up to Rs 5,000 per day at an annual premium starting at just Rs 130 including taxes, effectively costing just Rs 0.35 per day.
A minimum of 48 hours hospitalisation is required for being eligible for a claim along with a deductible of one day for each claim. This is applicable for hospitalization at any government or private hospital across the country.
Customers get double the insurance cover amount if they are admitted to an ICU. 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.
Commenting on the launch, Gunjan Ghai, VP and Head of Insurance, PhonePe said, “In the current situation, people are worried about hospitalisation expenses. This includes both customers who already have medical insurance and those who don’t have it. We believe that with Hospital Daily Cash benefit, customers will no longer need to worry about expenses arising due to hospitalization for most diseases including COVID-19.”
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