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Edelweiss Tokio Life launches Covid Shield+, India’s first individual Covid life insurance policy

Key product features:

  • Critical illness benefit of minimum Rs. 10 Lakhs on admission to ICU/HDU for at least 24-hour, post COVID-19 diagnosis, to safeguard your savings
  • Term cover benefit of Rs. 25 Lakhs (minimum enhanced sum assured) post Covid-19 diagnosis, to secure your loved ones
  • A single-pay cost-effective cover for one year with premiums starting Rs. 5,329
  • Instant decision without any medical examination

 Bhubaneshwar:9/11/20: Edelweiss Tokio Life Insurance today announced the launch of Covid Shield+India’s first individual Covid-19 life insurance product, to secure people’s dreams and aspirations from the financial impact of a Covid-19 diagnosis. Staying true to its tradition of product innovation, the life insurer was guided by customer insights on vast deviations in private healthcare costs and an increased sense of financial uncertainty during this ongoing pandemic.

Covid Shield+ also carves out a new niche product category for the industry, which caters to people’s increased protection needs, arising because of the pandemic. The product, which carries a 1-year tenure, offers a substantial critical illness benefit, a term cover, is cost-effective, and offers instant decisioning without any medical examination.

Commenting on the product launch, Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance said, “We have always strived to create relevant innovation, in line with the changing customer needs. Through our recent customer interactions, we realised that the threat of financial impact has made this disease even more daunting. People are worried that a Covid-19 diagnosis will disrupt their savings and therefore their long-term aspirations. We want to take away that worry from our customers through Covid Shield+ and let them focus on a healthy recovery instead of their finances.”

With premium rates starting at only Rs. 5,329, Covid Shield+ offers a critical illness benefit of minimum Rs. 10 lakh post-24-hour ICU or HDU hospitalization owing to Covid-19. In addition, on the diagnosis of Covid-19, the product also triggers minimum enhanced term cover worth Rs. 25 lakhs sum assured. Recognising the importance of a quick issuance in the current situation, the product does not require any medical examination and provides instant decisioning to the policy applies.

 “There were several factors that contributed to this product design. While ICU/HDU hospitalisation can be an expensive affair, the peripheral and post-hospitalisation costs for recovery are also significant. There is also a considerable risk of income loss if the breadwinner does not survive the disease. Some families are already combating worries of job loss and any huge healthcare expense could completely deplete their savings. Covid Shield+ is a comprehensive solution that provides financial protection against any such eventuality,” Mukhopadhyay added.

Covid Shield+ can be bought online or through an advisor representing Edelweiss Tokio Life by people between the ages of 18 to 65 years.

About Ashok Palit

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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