Taiyo Life Insurance Co. said Tuesday that it will launch a new insurance product in September for individuals hospitalized due to COVID-19, caused by the novel coronavirus, or other infectious diseases.
On top of insurance money to pay for hospitalization, the product will offer policyholders handsome benefits in a lump sum to help them cover drops in income and additional expenses related to such diseases.
The insurance product, developed at a time when the coronavirus continues to rage in the country, is the first of its kind in Japan, according to Taiyo Life, a unit of T&D Holdings Inc.
People infected with the new coronavirus are asked to be quarantined for about 10 days in principle, even if their symptoms are not severe. During the period, they may see their incomes drop and face unexpected costs, such as for hiring child care.
According to the company, customers can receive the benefits by paying about ¥500 per month in addition to premiums for a regular hospital benefits insurance policy, which provides ¥200,000 in one-off benefits if they are hospitalized due to illness or injury.
The total amount of benefits, including the hospital benefits, would extend to ¥400,000. The new insurance product will also cover people under treatment at home or hotels.
The O-157 strain of E. coli bacteria and cholera will be covered by the product as well.
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