YES BANK and Reliance General Insurance launch COVID-19 health insurance plan

A branch office of Yes Bank after it resumed full-fledged banking operations, in New Delhi on March 18, 2020. (IANS File Photo)

NEW DELHI, APRIL 9 (IANS): YES BANK in partnership with Reliance General Insurance has announced the launch of COVID-19 Protection Insurance Cover, a benefit policy being offered as a group cover to YES BANK customers, in line with the Bank's commitment to support customers during these unprecedented times.

The policy offers cover for both quarantine period and diagnosis of COVID-19. For a policyholder, the base cover offers 100% sum insured in lump-sum on being tested positive for COVID-19, irrespective of the treatment cost.

In addition, as add-on options, 50% of the sum-insured is given to cover the quarantine period of 14 days, and 'Travel Exclusion Removal', which offers a waiver to the per policy 45 day travel period. All individuals from three months to 60 years can avail the policy, for a sum insured of up to Rs 1 lakh.

The policy is valid for a period of one year with a waiting period of 15 days before a policyholder can make a claim against the policy.

Commenting on this partnership, Rakesh Jain, ED & CEO, Reliance General Insurance said, "With this product, we aim to reduce the financial implications this unprecedented situation can bring to an individual, by offering them a lumpsum policy. And YES BANK's wide array of distribution network will help us reach more and more customers who can benefit." Recently, YES BANK pledged support as a contribution collection banking partner for the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund).

The Bank has also committed INR 10 crore to the PM CARES Fund to help combat COVID-19 and support the ongoing relief efforts.