BSE Ebix Insurance Broking Private Limited (BSE Ebix) announced its alliance with Universal Sompo General Insurance Company Ltd – a joint venture between the Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp and Sompo Japan Insurance Inc. BSE Ebix is a joint venture between BSE (Bombay Stock Exchange), the first stock exchange of Asia and Ebix Fincorp Exchange Pte Ltd, a subsidiary of Ebix.
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The alliance sets out to sell General Insurance products using the strong distribution network of BSE Ebix in a completely digitized environment. The partnership has been initiated with the offering of Universal Sompo’s recently launched Corona Kavach cover which is a short-term policy to cover COVID-19 related hospitalization expenses through certified Point of Sales Persons (PoSPs) of BSE Ebix. Presently, BSE Ebix has more than 7,200 registered PoSPs, and growing daily.
Due to the spike in the number of COVID-19 cases, Insurance Regulator IRDAI had asked insurers to design specialized product covering the treatment cost of coronavirus. Corona Kavach policy seeks to address this need of the general public. The strategic association between Universal Sompo General Insurance and BSE Ebix will enable more people to avail insurance plans and protect themselves and their families from the deadly virus.
Corona Kavach policy can be purchased on individual or family floater basis for a period of 3.5, 6.5 or 9.5 months. It offers varied sums of insurance coverage for hospitalization expenses related to COVID-19. The policy covers cost of PPE kit, gloves, mask and other similar expenses incurred during treatment of COVID-19. The policy also covers ICU and ventilator charges at Hospital. It also provides cover for Home Care Treatment Expenses including cost of Pulse Oximeter and Oxygen cylinder, if advised by Medical Practitioner.
Ashishkumar Chauhan, Managing Director & CEO, BSE (Bombay Stock Exchange), said, “We welcome Universal Sompo on the BSE technology platform and with this addition, we would be able to offer most customer-suited insurance covers across the country. We look forward to integrating the entire range of products of Universal Sompo, which can be sold through our strong network of PoSPs to add value to our overall insurance products offering.”
