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Life Insurance with COVID-19 Cover: Provides Hospitalization Cover up to Rs. 5 Lakh on a Positive Diagnosis

By: | July 17th, 2020

Aegon Life in collaboration with Flipkart launches the updated Life Insurance with COVID-19 Cover policy that provides a life cover up to Rs. 50 Lakh and hospitalization cover up to Rs. 5 Lakh on a positive diagnosis of COVID-19. In the wake of rising Coronavirus cases in India, the cost of hospitalization for Coronavirus positive cases has increased significantly in recent months. This has resulted in additional financial and emotional stress among the family members of the Coronavirus patients.

As per the policy documents, for a confirmed COVID-19 diagnosis, the insured gets a guaranteed lump-sum payout on hospitalization for more than 24 hours.

Commenting on the ‘Life Insurance with COVID-19 Cover’ policy, Satishwar Balakrishnan, CFO and Principal Officer, Aegon Life said, “At Aegon Life, we are focused on the “direct to customer” model and therefore we can keep pace with our customer requirements, which, is our topmost priority. We introduced an innovation in the industry by launching the industry’s first life + hospitalization cover for COVID-19 earlier this May with Flipkart. However, we acknowledged the market scenario and the customer demands and felt the need to increase the cover to serve our customers better. The new updated ‘Life Insurance with COVID-19 Cover’ policy will further help to ease the financial burden on the policyholder if he/she tested positive for COVID-19 by now offering cover up to Rs.5 Lakh on hospitalization”.

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