Taiyo Life to Launch Coronavirus Insurance

Economy

Tokyo, Aug. 18 (Jiji Press)--Taiyo Life Insurance Co. said Tuesday that it will launch in September a new insurance product for individuals hospitalized due to the COVID-19 disease from the novel coronavirus or other infectious diseases.

On top of insurance money for hospitalization, the product will offer handsome benefits in a lump to policyholders to help them cover drops in income and additional expenses related to the 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. <8795>.

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 a babysitter.

According to the company, customers can receive the benefits by paying about 500 yen per month in addition to premiums for a regular hospital benefits insurance policy, which provides 200,000 yen in one-off benefits when they are hospitalized due to illness or injury.

[Copyright The Jiji Press, Ltd.]

Jiji Press