- Collectively launched Covid-19 insurance that covers hospitalization bills with a Sum Insured of up to Rs 2 lakhs at a premium of just Rs 799
PayPoint India has partnered with Digit General Insurance to bring affordable health insurance for its customers in the under-served regions of India, enhancing access to insurance, and helping rural masses cushion themselves against any major financial losses due to the surging Covid-19.
The partnership is being flagged off with the launch of a coronavirus hospitalization insurance policy that covers treatments up to Rs 2 lakhs at a premium as low as Rs 799. While Digit General Insurance focuses on selling this master policy online, PayPoint will provide offline access and assistance to its customers, guiding them to make an informed financial decision.
Ketan Doshi, Managing Director of PayPoint India, said, “When the country is going through tough times, more than 80% of people in urban India and 85% in rural India do not have any health expenditure coverage. There are a lot of rejections or deductions in claims settlements for Covid-19, and medical inflation is making treatments unaffordable. This dedicated cover for coronavirus would secure our customers from financial impact due to hospitalization in such a scenario.”
Premium and Benefits: With premium rates starting as low as Rs. 487, the Covid-19 insurance policy offers the benefit of a minimum of Rs. 1 lakh, post 24-hour ICU or HDU hospitalization. Available at PayPoint stores across India, this master policy offers options of choosing a sum insured of Rs 1 lakh or Rs 2 lakh for individuals up to 65 years of age.
The insurance covers pre-hospitalization expenses for up to 30 days, post-hospitalization expenses up to 60 days, road ambulance charges (1 per cent of your chosen sum insured – up to Rs 5,000). Not only this, the cover which has a waiting period of only 15 days from the payment of premium does not have any cap on Room Rent or ICU charges, unlike other medical policies.
A policyholder can avail of cashless claims by displaying the e-health card at the network hospitals. Under this policy, customers can cover themselves and their spouse and children for one year, thereby ensuring a protective financial shield for the whole family.
PayPoint taking micro-insurance to the deeper markets: Insurance companies usually shy away from selling small ticket size insurance policies to rural areas because of lack of reach. However, PayPoint has successfully managed to penetrate this market by offering insurance to customers who avail of other services such as remittance, utility bill payment, DTH & mobile recharges, air and bus ticket booking, etc. at the PayPoint outlets.
PayPoint India has been building an ecosystem of small outlets to fill the last-mile gap in banking and financial services in rural areas. The Company has over 60,000 business correspondent branches loaded with robust technology, thereby assisting rural customers to avail various financial and utility services.
About PayPoint India
~Conferred with the ‘Best Fintech and Bank Collaboration – 2020’ Award by the Internet & Mobile Association of India (IAMAI)~
PayPoint is a last-mile distribution network of Financial Services build on a robust and scalable technology platform. The Company’s digitally connected network of 60,000+ retail stores offers various Banking and Financial services like PMJDY accounts, micro ATM services, Wallets (Paypointz), Remittances, Bill payments, eGold, Merchant QR and many more. Started operations in 2008, the Company now processes 8 million transactions per month and has acquired & services over 3.3mn bank accounts.
Apart from Financial services, PayPoint also offers consumer services to the underserved like Travel booking, Recharges, Amazon assisted shopping, Gift Cards, etc., through its strong network of retail stores spread across the country.
PayPoint’s business model is an interplay of technology, human assistance and a large bouquet of service. More than 100 Services providers are plugged into the Company’s system through its plug-and-play platform and interact with them on a real-time basis catering to more than 4 million customers per month.
The primary objective is to bridge the financial inclusion gap between developed urban India and under-served rural India. With guided assistance from PayPoint store staff, Company’s retailer-driven model is for tech-unsavvy customers in the hinterland to make informed decisions and avail various financial and utility services at their convenience.