Sales of COVID-19 Insurance Product to Be Halted in Japan

Economy

Tokyo, Feb. 3 (Jiji Press)--Taiju Life Insurance Co. said Thursday it will stop selling a COVID-19 insurance policy amid the explosive spread of the omicron coronavirus variant.

The policy covering hospitalization to treat the diseases will no longer be available from Friday due to possible difficulties in making lump-sum benefit payments to policyholders, company officials said.

The company was forced to suspend the sales of the product only about six weeks after its launch on Dec. 21.

The product provides a lump-sum payment of 100,000 yen in case of hospitalization for infectious diseases including COVID-19, in addition to injuries.

Some 57,000 existing policyholders will remain insured.

[Copyright The Jiji Press, Ltd.]

Jiji Press