Key Takeaways

• Eight (8) startup companies that have COVID-19 insurance products are InsuranceDekho, Tin Leg, Arch RoamRight, Embroker, and Digit Insurance.

• We have also included Insubuy, Freedom Health Insurance, and Seven Corners.
• The company has 2 short-term health insurance COVID-19 plans namely Corona Kavach policy and Corona Rakshak policy.

Introduction

• The research identified eight (8) startup companies that have insurance products covering COVID-19 (such as health insurance, travel insurance, or any other type of insurance that covers COVID-19), including the relevant COVID-19 insurance products/plans offered by each provider.

COVID-19 Health Insurance Startups

InsuranceDekho

• A website address to InsuranceDekho is provided herein.
• The company has 2 short-term health insurance COVID-19 plans namely Corona Kavach policy and Corona Rakshak policy.
•  Corona Kavach Policy offers financial protection to the insured with a short waiting period, and offers coverage for in-patient hospitalization expenses, pre-hospitalization and post-hospitalization expenses, ambulance expenses starting from only ₹257 per month.
•  Corona Rakshak Policy is a short-term policy that provides a lump sum benefit equal to 100% of the sum insured on the positive diagnosis. This plan offers coverage on an individual basis to people between the age of 18 years and 65 years with sum insured options ranging from Rs. 50,000 to Rs. 2.5 lakh. It is available with different policy terms of 3.5 months, 6.5 months, and 9.5 months, but comes with a one-time benefit policy and terminates upon the payment of benefit.

Tin Leg

• A website address to Tin Leg is provided herein.
• Tin Leg provides travel insurance coverage for COVID-19 such as cancellation and medical benefits for travelers who contract COVID-19 prior to or during their trip, as long as the policy is purchased before the diagnosis.
• Tin Leg’s Economy, Standard, Luxury, Adventure, USA Only, Basic, and Platinum policies all include cancel for COVID-19 sickness coverage, travel delay coverage for quarantine due to COVID-19. These Tin Leg policies can provide emergency medical coverage for travelers' incurred medical expenses if they become infected during their trip, as well as medical evacuation coverage if their sickness requires an evacuation.
• Tin Leg’s plans benefit coverage range from $10,000 to $500,000.

Arch RoamRight

• A website address to Arch RoamRight is provided herein.
• The company offers coverage for medical expenses for an insured who becomes ill with COVID-19 and requires emergency medical treatment while on their trip within the ''Emergency Medical Expense Benefit''.
• It provides coverage within the ''Emergency Medical Evacuation Benefit'' plan, transportation to a higher level of care for an insured when their condition is acute, severe, or life-threatening as a result of contracting COVID-19 while on their trip.

Embroker

• A website address to Embroker is provided herein.
• The company considers exclusions for losses arising out of viruses or bacteria.
• They also provide two endorsements addressing COVID-19 which provide business income or extra expense coverage for loss from civil authority orders related to coronavirus.

Digit Insurance

• A website address to Digit Insurance is provided herein.
• The company offers three COVID-19 plans namely Smart , Comfort, Comfort Pro with important features such as no age-based copayment and daycare procedures.
• Standard features for all three plans include ICU room rent and complimentary health check-ups.
• All three plans have additional covers such as ''maternity benefit with newborn baby cover''.

Insubuy

• A website address to Insubuy is provided herein.
• This company provides COVID-19 travel health insurance with standard benefits such as COVID-19 treatment and emergency medical expenses, emergency medical evacuation and repatriation and, return of mortal remains.
• The plans offer maximum coverage ranging from $50,000 to $1,000,000.

Freedom Health Insurance

• A website address to Freedom Health Insurance is provided herein.
•  The Freedom Health plan covers the COVID-19 care for the insured and also allows for 90-day supplies of prescriptions.
• The Medicare plan for fully insured individuals also waives out-of-pocket expenses for the focused test used to diagnose COVID-19.

Seven Corners

• A website address to Seven Corners is provided herein.
• The company allows an insured individual for the Plan’s Accident and Sickness Medical Expense coverage within the meaning of the plan’s coverage, subject to the standard terms and conditions of the plan.
•  The RoundTrip International plan provides covered reasons and benefits related to COVID-19 for plans purchased before May 1, 2020.
• For insured individuals, if triggered directly or indirectly by the COVID-19 pandemic situations such as quarantine , sickness , death , involuntary employer termination or layoff can be covered.

Research Strategy