Bank of Baroda, the India-based financial institute, recently partnered with IndiaFirst Life to launch a new COVID-19-cum-hospital-cash benefit insurance coverage. The new insurance plan provides financial support upon hospitalization or on COVID-19 diagnosis.
The new coverage will be available to all Bank of Baroda cardholders, giving them the option to select the frequency, cash benefit, and hospitalization benefits for which a premium would be charged accordingly. Upon diagnosis of COVD-19, the coverage offers consumers a cash benefit of INR5,000 ($67) and if hospitalized, a cash benefit of INR10,000.
Rushabh Gandhi, the CEO of IndiaFirst Life, noted "In line with our #CustomerFirst philosophy, we have ensured that individuals can have a seamless end-to-end digital onboarding experience on our website.”
Image Credit: Asian Surance Review
Why This Trend Is Growing
- Pandemic Insurance
- Increasing demand for pandemic insurance coverage due to the ongoing COVID-19 pandemic.
- Digital Onboarding
- Seamless end-to-end digital onboarding experience for insurance customers.
- Personalized Insurance Plans
- Individuals have the option to select the frequency, cash benefit, and hospitalization benefits for which a premium would be charged accordingly.
Industries Being Reshaped
- Insurance
- Opportunity for insurance companies to develop and market new pandemic-related insurance policies.
- Financial Services
- Financial institutions could partner with insurance companies to offer tailored insurance products to their customers.
- Healthcare
- An opportunity for healthcare providers to offer pandemic insurance coverage to their patients.
