Z Holdings Corporation (Headquarters: Chiyoda-ku, Tokyo; President and Representative Director, Co-CEO: Kentaro Kawabe; hereinafter “ZHD”), ZHD’s group company Z Financial Corporation (Headquarters: Chiyoda-ku, Tokyo; Representative Director, President Corporate Officer, CEO: Hiroyuki Torigoe; hereinafter “Z Financial”), PayPay Corporation (Headquarters: Minato-ku, Tokyo; President & Representative Director, CEO, Corporate Officer: Ichiro Nakayama; hereinafter “PayPay”), and PayPay Insurance Service Corporation (Headquarters: Chiyoda-ku, Tokyo; President and CEO: Yutaka Hyodo; hereinafter “PayPay Insurance Service”) will begin an initiative where users can purchase Heatstroke Insurance from the cashless payment service app “PayPay.” This is the first product in the insurance industry*1 dedicated to heatstroke.
*1. Based on research by Aiaru syougakutankihoken Corporation (as of April 2022)
In recent years, the number of heatstroke patients has been increasing along with the number of days with temperatures exceeding 35 degrees Celsius. According to the “Status of Emergency Medical Transport Due to Heat Stroke”*2 by the Fire and Disaster Management Agency of the Ministry of Internal Affairs and Communications, the number of emergency medical transports from June to September in 2021 was 46,251. In 2018, which was the hottest year recorded, much higher at 95,137. If symptoms of heatstroke occur, first aid, treatment at medical institutions, and other appropriate measures should be taken to prevent it from becoming severe.
To address these risks, PayPay Insurance Service has launched the Heatstroke Insurance, which can be easily purchased through the PayPay app. Medical expenses are paid for when a user suffers from symptoms of heatstroke due to sun or heat exposure during the period of insurance and receives IV therapy from a doctor at a hospital or other medical institutions. In addition, hospitalization expenses will be paid if the patient is hospitalized for two days or more (one night and two days) for the purpose of treatment.
The Heatstroke Insurance can be easily purchased for as little as 100 yen per day. In addition, if users apply by 9 a.m., coverage will begin at 10 a.m. on the same day. This allows users who plan to be outdoors on days when temperatures are expected to rise, such as for sports activities, events, or working in the sun, to purchase insurance on those days at a low cost. The premium is 100 yen for one day, 110 yen for two days, 120 yen for three days, and 170 yen for a maximum of seven days.
A monthly plan is also available for users who are concerned about heatstroke over a longer period of time in summer. Depending on the amount of insurance premiums, users can choose from three types of plans: Easy Plan, Basic Plan, and Safety Plan, with premiums starting at 200 yen per month.
Premiums can be paid with PayPay Balance.
The Heatstroke Insurance offers multiple plans to meet the needs of users to prepare for a heatstroke in case they suffer from it. PayPay will continue to improve this service so that PayPay app users can easily purchase this insurance product whenever they want to, and the company will also strive to make insurance easy and accessible for all users.
*2. Ministry of Internal Affairs and Communications website, “Status of Emergency Medical Transport Due to Heat Stroke in 2021 (May to September).”
■ Heatstroke Insurance Details
Period of insurance
＜Available for purchase＞
Every year from March 2 to October 31. Reservations for purchase possible from 30 days in advance.
＜Period of insurance＞
Every year, any day from April 1 to October 31.
The monthly plans offer a range of one to seven months. For the period-specific plans, the period is one to seven days.
*For 2022, sales and coverage will begin on April 21.
*Same-day policies begin coverage at 10 a.m. if the purchase is made by 9 a.m. on the day.
Coverage (applicable reasons for the payment of insurance money)
＜Medical treatment insurance＞
When the insured person suffers from symptoms of heatstroke due to sun or heat exposure during the period of insurance and receives IV therapy at a hospital, based on the decision of the doctor.
＜Inpatient insurance＞
The insured person suffers from symptoms of heatstroke due to sun or heat exposure during the period of insurance and is hospitalized for two or more consecutive days (one night and two days) for the purpose of treatment.
*The number of insurance payouts is limited to two times for separate cases (once for period-specific plans).
*Limited to medical institutions in Japan.
Plans (premium and insurance money)
Monthly plans are offered in three types: Easy Plan, Basic Plan, and Safety Plan. The period-specific plans allow the policy period to be specified from one to seven days. A broad variety of insurance products are offered to match the needs of users.
＜Monthly type＞
| Easy Plan | Basic Plan | Safety plan | |
|---|---|---|---|
| Medical expenses insurance |
5,000 yen |
7,000 yen |
10,000 yen |
| Inpatient insurance |
10,000 yen |
30,000 yen |
30,000 yen |
| Monthly premium |
200 yen |
220 yen |
240 yen |
＜Custom period type＞
| Period of insurance | 1 day | 2 days | 3 days | 4 days | 5 days | 6 days | 7 days |
|---|---|---|---|---|---|---|---|
| Medical expenses insurance |
10,000 yen |
||||||
| Inpatient insurance |
30,000 yen |
||||||
| Premium | 100 yen | 110 yen | 120 yen | 130 yen | 140 yen | 160 yen | 170 yen |
*Insurance payout will be deposited into the designated bank account.
Other characteristics
＜Easy to apply＞
The purchase can be easily made through “PayPay” and the premium is also paid through the PayPay app. If the user’s identity is verified via “PayPay,” the user does not need to enter their name or other information to complete the application, making for a smooth experience. It is also possible to cover the whole family with one purchase.
＜Easy to file a claim＞
Users can file a claim by uploading receipts and medical statements through the PayPay app.
The insurance payout will be transferred to the bank account designated by the user.
How to use
Users can complete the purchase of an insurance policy with simple steps all within the PayPay app.
The insurance will be provided by PayPay Insurance Services and Aiaru syougakutankihoken Corporation (President: Katsuyuki Ando), a subsidiary of Sumitomo Life.
PayPay Insurance Service will continue to help users by providing high-quality insurance products and easy-to-use services to make insurance accessible.
For more information on each insurance policy, please see the following website.
https://www.paypay-insurance.co.jp/promotion/heatstroke/app/
* “PayPay” provides 4 types of PayPay balance: PayPay Money, PayPay Money Lite, PayPay Points and PayPay Bonus Lite. PayPay Money can be used to pay for partner services and merchants if it is within the amount deposited into the PayPay account opened after completing an identity verification process. It can also be used for sending and receiving money between PayPay users free of charge. PayPay Money can also be cashed out to a designated bank account (no withdrawal fee if using PayPay Bank). The legal nature of this is an electromagnetic record which can be used to pay for goods and other services, and can be remitted or cashed out, issued by the Company who is a Fund Transfer Operator registered under Article 37 of the Payment Services Act. Based on the provisions of Article 43 of the Payment Services Act, PayPay preserves the debt it owes to its users in full amount and more by depositing its assets. PayPay Money Lite is an electronic money issued by PayPay, which can be purchased and used to pay for services and merchants. PayPay users can transfer and receive PayPay Money Lite free of charge. The legal nature of this is a prepaid payment instrument issued by PayPay (Article 3, Paragraph 1 of the Payment Services Act). Based on the provisions of Article 14 of the Payment Services Act, PayPay preserves the relevant assets for the purpose of protecting the owners of the prepaid payment instrument by providing a security deposit for issuance to the Legal Affairs Bureau in an amount that is half or more of the unused balance of prepaid instrument methods as of March 31 and September 30. In addition, PayPay Points and PayPay Bonus Lite, which are granted through campaigns and promotions when using PayPay, can be used for partner services and merchants in addition to PayPay Money and PayPay Money Lite. However, PayPay Bonus and PayPay Bonus Lite cannot be sent or transferred between PayPay users or be cashed out. PayPay Bonus Lite has an expiration date, after which date it will no longer be valid.
PayPay also strives to create a safe and secure environment for users. If an unexpected payment is made by a third party using a PayPay account, or if a request to settle a payment suddenly arrives from PayPay to a user that does not have a PayPay account, there is a scheme that ensures compensation for the damages suffered (the difference will be provided as compensation if compensation is also provided by a third party), given that the prescribed conditions are met. Please see “Applying for compensation” for details.
Overview of PayPay Insurance Service Corporation
(1) Name: PayPay Insurance Service Corporation
(2) Location: Tokyo Garden Terrace Kioicho Kioi Tower, 1-3 Kioicho, Chiyoda-ku, Tokyo
(3) Representative: Yutaka Hyodo, President and CEO
(4) Business description: Damage insurance agency services, life insurance solicitation services, and small-amount, short-term insurance solicitation services
Overview of Z Holdings Corporation
(1) Name: Z Holdings Corporation
(2) Location: Tokyo Garden Terrace Kioicho Kioi Tower, 1-3 Kioicho, Chiyoda-ku, Tokyo
(3) Representative: Kentaro Kawabe, President and Representative Director, Co-CEO
(4) Business description: Business management of group companies and related operations
Overview of Z Financial Corporation
(1) Name: Z Financial Corporation
(2) Location: Tokyo Garden Terrace Kioicho Kioi Tower, 1-3 Kioicho, Chiyoda-ku, Tokyo
(3) Representative: Hiroyuki Torigoe, Representative Director President Corporate Officer, CEO
(4) Business description: Business management of group companies and related operations
Overview of PayPay Corporation
(1) Name: PayPay Corporation
(2) Location: Kamiyacho Trust Tower WeWork, 4-1-1 Toranomon, Minato-ku, Tokyo
(3) Representative: Ichiro Nakayama, President & Representative Director, CEO, Corporate Officer
(4) Business description: Development and provision of mobile payment and other electronic payment services
Overview of Aiaru syougakutankihoken Corporation
(1) Name: Aiaru syougakutankihoken Corporation
(2) Location: 15-18 Nihonbashi-Kodenmacho, Chuo-ku, Tokyo
(3) Representative: Katsuyuki Ando, President
(4) Business description: Provision of small amount and short-term insurances
*Company names, trade names, and products/services in this press release are registered trademarks or trademarks of their respective companies.
