Digit Insurance launches an insurance product for Coronavirus Disease (COVID-19)

• Fixed Benefit product that covers both positive & quarantined cases
• Premium starting at ₹299*
• Digit Insurance was awarded Asia’s best General Insurance Company, 2019 in Asia Insurance Review Awards, Singapore
• Has captured 1.2% market share of the overall in the General Insurance Industry in India

Bengaluru, 3 March 2020: Digit Insurance, the fastest-growing general insurance company in India, today announced the launch of its latest insurance product that will cushion an individual against the deadly Coronavirus Disease (COVID-19).

A one-of-its-kind Need Based Insurance cover has been built under their health insurance product Digit Health Care Plus and filed under IRDAI’s Sandbox Regulations that encourages insurers to launch & test innovative product offerings for the Indian consumers. 

Highlights of the cover:

1. What is covered?

• Ongoing treatment: If the test for Coronavirus Disease (COVID-19) is found positive for COVID-19 from any of the authorized centers of ICMR – National Institute of Virology, Pune, Digit give 100% of the claim amount. No need to wait for the completion of treatment.
• Quarantine cases: If only quarantine is advised in a Govt or Army/Military hospital, Digit will give 50% lumpsum of the claim amount for a consecutive period of 14 days. This is applicable even if Coronavirus Disease (COVID-19) is later negative as it covers the screening & treatment costs.

2. Benefits of the cover?

• Fixed benefit cover: Therefore, no hassle of hospitalization bills as getting detected with the disease is already quite stressful.
• Simple claims: No hard copies required. For claims, the insured just needs to submit a certificate from a government medical officer to start the treatment for Coronavirus Disease (COVID-19) or a positive virology report from ICMR - National Institute of Virology – Pune, India.
• Choice of coverage up to 2 lacs: One can choose from multiple sum insured options starting from ₹25,000.

Kamesh Goyal, Chairman, Digit Insurance, said, “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. Therefore, we are offering this as a flat benefit cushion cover, for both positive & 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.”

More information:

This is a one-year-long cover which will be exhausted after payment of 100% Sum Insured. It is   applicable for Indian residents only, below 75 years and has initial waiting period of 15 days. 

For being eligible for this policy, the insured should not have been in contact with someone with a suspected history of Coronavirus Disease (COVID-19) till the policy ends. The insured or their immediate family members should not have travelled to countries viz. China, Japan, Singapore, Thailand, Malaysia, Hong Kong, Macau, Italy, Iran, Behrain, Kuwait, Taiwan since 1^st December 2019. They should also not be suffering from symptoms like cough with or without sputum, cold/nasal block, fever with body pain or shortness of breath for the last six weeks as that may be an indication of the disease already being contracted.

With more than 1,600 recorded deaths, the number of fatalities from this new coronavirus has surpassed the toll of the 2002-2003 SARS outbreak, which originated in China. The outbreak now constitutes a global health emergency, the WHO said on 30 January 2020.

*₹299 Sum Insured is for a 30-year-old, for a chosen sum insured of ₹25,000

About Digit:

Digit is a new-age general insurance company started by Kamesh Goyal and backed by the Fairfax Group, one of the largest financial services groups in the world. The company has raised three rounds of funding amounting to $140 million from Canadian billionaire Prem Watsa’s Fairfax Financial Holdings and $84 million from three growth equity investors - A91 Partners, Faering Capital and TVS Capital. This combined investment would bring Digit’s total funding to $224 million, one of the largest funding rounds in the Indian General Insurance space.

Headquartered in Bengaluru, Digit has partnered with some of the leading companies like Cleartrip, Sterling Holidays, SOTC and Policy Bazaar. Digit Insurance has recently won, ‘General Insurance Company of the Year 2019’ award at Asia Insurance Review Awards, Singapore. It has also featured in the Top 25 Indian Startups Lists by Linkedin in 2018 and 2019, and was in CB Insights’ top 250 fastest-growing fintech companies globally list in 2018.

For more information, please write to mediarelations@godigit.com