Chennai, Nov 9 (IANS): Indo-Japanese life insurance joint venture company Edelweiss Tokio Life Insurance on Monday announced the launch of the country's first individual Covid-19 life insurance policy 'Covid Shield+'.

The product, which carries a 1-year tenure, offers critical illness benefit and a term cover without any medical examination.

With premium rates starting at Rs 5,329, 'Covid Shield+' policy offers a critical illness benefit of minimum Rs 10 lakh post 24-hour intensive care unit (ICU) or high dependable unit (HDU) hospitalisation owing to Covid-19.

In addition, on diagnosis of Covid-19, the product also triggers minimum enhanced term cover worth Rs 25 lakh sum assured.

Recognising the importance of a quick issuance in the current situation, the product does not require any medical examination and provides instant decision to the policy applicant.

"There are several factors that contributed to this product design. While ICU/HDU hospitalisation can be an expensive affair, the peripheral and post-hospitalisation costs for recovery are also significant.

"There is also a considerable risk of income loss if the breadwinner does not survive the disease. Some families are already combating worries of job loss and any huge healthcare expense could completely deplete their savings.

"'Covid Shield+' is a comprehensive solution that provides financial protection against any such eventuality," Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance, said.

The policy can be bought online or through a company adviser by people within 18-65 age group.

Edelweiss Tokio Life Insurance is a joint venture between India's Edelweiss Financial Services Ltd and Japan's Tokio Marine Holdings.