Taiyo Life Insurance is set to roll out a new insurance product next month for individuals hospitalised due to Covid-19 or other infectious diseases, The Japan Times has reported.

The company is launching the new insurance product as Japan continues to register surge in fresh Covid-19 cases.

The product will reportedly provide the patients with insurance money to pay for hospitalisation. It will also offer lump-sum benefits to help policyholders manage dip in income and other expenses due to the disease.

Usually, Covid-19 patients are asked to remain in quarantine for around 10 days, even if their symptoms are not severe. This may affect their incomes and cause unexpected costs, such as hiring child care.

The customers can avail the benefits by paying around ¥500 ($4.5)each month in addition to premiums for a regular hospital benefits insurance policy. The hospital benefits insurance policy is said to offer ¥200,000 (around $1900) in one-off benefits in the event of hospitalisation due to illness or injury.

The total amount of benefits, including the hospital benefits, would extend to ¥400,000 ($3,801), the report said.

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By GlobalData

The new insurance product, which also provides coverage for diseases caused by O-157 strain of E. coli bacteria and cholera, covers people under treatment at home or hotels too.

Taiyo Life’s infectious diseases insurance product is said to be the first of its kind to be rolled out in Japan.