Paytm makes its insurance debut with a Covid-19 plan that will cover loss of pay during quarantine

• Paytm announced a Covid-19 insurance plan which covers loss of pay, quarantine expenses, and treatment costs.
• This is Paytm’s first product in the insurance sector.
• Launched in partnership with Reliance General Insurance, the plan covers a maximum cover of ₹2 lakh.

Indian digital payments leader Paytm made its foray into the insurance sector. It announced a timely Covid-19 insurance plan which covers loss of pay, quarantine expenses, and treatment costs.

Launched in partnership with Reliance General Insurance, the plan offers a maximum cover of ₹2 lakh.

"With our COVID-19 Benefit Insurance Policy, we aim to provide simple health insurance coverage that will take care of most expenses that a Coronavirus patient might have to incur. The digital policy can be purchased on the Paytm app and is generated online within a few minutes from the safe confines of one's home,” said Amit Nayyar, president at Paytm.

Almost everyone right from a three-month-old baby to a 60-year-old senior citizen are eligible for this insurance. The company said that the policy has a validity period of one year and the claim waiting period is 15 days.

Paytm’s founder Vijay Shekhar Sharma said many times earlier that the fintech major’s next venture would be in the field of insurance.

In 2019, Nayyar, an ex-Goldman Sachs executive, joined Paytm to lead its insurance vertical. It reportedly will venture into four categories like auto, health and life. In March, Paytm also brought on board former insurance startup Coverfox CEO Premanshu Singh.

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