New health insurance scheme launched: Hospital bills not required for claim

ICICI Lombard General Insurance partnered with PhonePe to launch the hospital's daily cash benefit, a customised policy that allows buyers to obtain a guaranteed amount if they are transferred to the hospital. Clients no longer need to submit hospital bills to claim the amount from the insurance company. This sachet-based group insurance also covers hospitalisation charges for COVID-19 patients based on terms and conditions.

How this policy works:

The new insurance policy allows users to choose coverage ranging from ₹500 to â‚¹5,000 for a day of hospitalization. A minimum of 48 hours is required in the hospital to be eligible for the claim "along with a one-day discount for each claim." Cash benefits will apply to hospitals in any hospital or private government across the country. The insurance company said the hospital discharge certificate would be sufficient in most cases to process the claim. Clients will receive double the insurance coverage if they are accepted into the intensive care unit.

Who can buy it?

PhonePe users between the ages of 18 and 65 are eligible for this policy. "This is one of the most affordable treatment insurance policies on the market today," ICICI Lombard said in a statement. Buyers who already have corrective policies, employer health insurance, and self-financing means to pay the hospital bills may claim a payment benefit.

Cost: The annual premium for the hospital's daily cash benefits policy starts from as little as ₹130, including taxes. The digital payment platform said in a statement that PhonePe users can take advantage of the policy in "less than two minutes because the process is very simple." Customers can instantly view their policy documents in the app.

"Benefits, such as a cash guarantee in case of hospitalization without the need for an invoice, should provide additional assistance and comfort to clients in these difficult times," said Sanjeev Mantri, CEO of ICICI Lombard General Insurance.

“In the current situation, people are concerned about hospitalization costs. "This includes customers who already have health insurance and those who don't have insurance," said PhonePe.

Source: Livemint

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