Also Read | How India’s banking model has changedOf those who bought the policy from PhonePe, 75% were from “smaller towns, outside the tier-1 cities."PhonePe sells group insurance policy from Bajaj Allianz General Insurance, which is a disease-specific cover.
The policy for covid-19 is sold at an annual premium of Rs396 for a cover of Rs50,000, and a Rs541 premium for a Rs1 lakh policy cover.
It’s available for those in the 18-55 age group.The policy covers hospitalisation expenses, including personal protective equipment or PPE, gloves, mask, ICU, oxygen and ventilator.
The cover starts 15 days after the purchase of the policy.PhonePe has settled most claims in Andhra Pradesh, Maharashtra, Telangana, Delhi and Karnataka since it started.