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

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

As India's digital payments leader, Paytm has made its entry into the insurance market with this timely COVID-19 insurance plan. Amit Nayyar, president at Paytm, stated, "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 incur. The digital policy can be purchased on the Paytm app and is generated online within just a few minutes, all from the comfort of one’s home."

The insurance policy is available to almost everyone, from three-month-old babies to 60-year-old seniors. The company noted that the policy has a validity period of one year, and the claim waiting period is 15 days.

Paytm's founder, Vijay Shekhar Sharma, has previously indicated that the fintech major's next venture would be in the insurance field. In 2019, Nayyar, a former Goldman Sachs executive, joined Paytm to lead its insurance vertical. The company plans to explore four categories: auto, health, life, and more. Additionally, in March, Paytm brought on board former Coverfox CEO Premanshu Singh to strengthen its position in the insurance sector.​