ICICI Lombard General Insurance has collaborated with digital payment company, PhonePe, to launch a brand new customized policy that grants the buyers to get an assured amount if they are hospitalized. In the recent scheme, known as ‘Hospital Daily cash benefit’, the customers will not be required to produce hospital bills to claim the amount from the insurance company. The scheme is launched under Group Safeguard Insurance which enables this product to bear the hospitalization cost of all patients, including COVID-19 patients.

How does it work?

This scheme will allow the clients to choose a cover ranging from ₹500 to ₹5,000 for a day of hospitalization. As mentioned in the details of the scheme, 48 hours hospitalization is required to be qualified for the claim. The monetary benefit is applicable in both government and private hospitals across the country and can be accessed in any type of hospitalization, given that it must be of 48 hours’ time duration. Although no bill is required for availing the claim, a discharge certificate from the hospital will be considered in most cases for processing the claim. As suggested by the insurance company, customers will receive double the cover amount if they are admitted to ICU.

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Who can avail the scheme?

Being one of the most affordable health insurance policies available in the current market, this scheme is likely to attract customers, considering the pandemic scenario. Talking about the accessibility criteria, the company stated that PhonePe users falling in the age group of 18 to 65 years will be eligible for this policy. Individuals who have opted for other health insurance policies like employer health insurance, mediclaim policies and self-funding for paying hospital bills can also buy the scheme and claim the payout benefit.

Other details for ‘Hospital Daily cash benefit’ Policy

The annual plan for Hospital Daily cash benefit policy starts from as low as ₹130 (including taxes). In a statement by PhonePe, it was said that users can avail the policy in less than 2 minutes as the process is quite simple. The app will also make it easier for the users to access their documents instantly.

“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,” Gunjan Ghai, VP & Head of Insurance, PhonePe said.

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