Press Release

“Medical Care Insurance” service page:
https://www.paypay-insurance.co.jp/promotion/medical/app/

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 (head office: Chiyoda-ku, Tokyo; President and Representative Director, CEO: Yutaka Hyodo; hereinafter “PayPay Insurance Service”) are pleased to announce that “Medical Care Insurance” has been released and is available from the PayPay Insurance (1day Insurance) mini app*1 within the cashless payment service app “PayPay.”

*1. A feature that allows users to easily make reservations, order products, and purchase services provided by PayPay Corporation’s partner companies from within the PayPay app.

In a survey conducted by PayPay Insurance Service*2, the most common reason why people do not subscribe to cancer or medical insurance policies was that premiums are too expensive, with more than half of those with cancer or medical insurance saying that their monthly premiums exceed 3,000 yen.

Therefore, PayPay Insurance Service will start offering the easy-to-enroll “Medical Care Insurance” policy for users who want to prepare for the unlikely event that they sustain serious injuries and illnesses. In addition to its simple enrollment procedures, this product is reasonably priced and meets the needs of those who are considering subscribing to a medical insurance plan for the first time due to lifestyle changes or who have previously been hesitant to subscribe due to complicated enrollment procedures.
For example, a 30-year-old can enroll for as little as 570 yen per month and receive compensation starting at 50,000 yen if hospitalized due to illness or injury during the insurance period, or 100,000 yen if diagnosed with cancer for the first time.

Users can easily subscribe to the “Medical Care Insurance” through the PayPay app. Users can choose from three monthly plans (Easy Plan, Basic Plan, and Safety Plan) according to their needs, and premiums can be paid with PayPay Points or other types of PayPay Balances. In addition, users that are 44 years old or younger can enroll in “Medical Care Insurance (One-time Hospitalization Benefit)” for three months without having to pay a premium. If a policyholder is hospitalized due to illness or injury during the “Medical Care Insurance (One-time Hospitalization Benefit)” insurance period, they will receive 30,000 yen as compensation*3.

The PayPay Insurance (1day Insurance) service has been used by many users since its launch one year ago, with the total number of subscriptions exceeding 1.2 million*4. PayPay Insurance Service will continue to help users by providing high-quality insurance products and easy-to-use services to make insurance even more accessible.

*2. Research period: April 30 – May 5, 2021​
Survey audience: 3,300 people aged 20 to 49 residing in Japan.

*3. The compensation of “Medical Care Insurance (One-time Hospitalization Benefit),” which is available for no premium for three months to policyholders 44 years old or younger, only includes the hospitalization compensation. After the three-month period, “Medical Care Insurance” will start, and the premium will be automatically paid out of the policyholder’s PayPay Balance.

*4. As of January 23, 2023.

＜Features of “Medical Care Insurance”＞

Date of launch and start of subscription

Sales date: January 23 – Insurance start date: Can be set to any date 15 days after the date of application.

Eligibility

The insurance is available to those aged 0 to 70 years. Premiums vary depending on the age.
More details can be found on the link below.
https://www.paypay-insurance.co.jp/promotion/medical/app/

Coverage

＜Hospitalization Benefit＞
Compensation is provided when an illness or injury requires treatment by a doctor or other health care provider and the patient is hospitalized for the treatment during the insurance period (the compensation will be given only once per hospitalization). If a policyholder is hospitalized due to certain infectious diseases, such as COVID-19, compensation will be provided if they are hospitalized for more than 14 days.

＜Cancer Diagnosis Benefit＞
Compensation is paid when the insured person has a confirmed cancer diagnosis for the first time. The diagnosis must be histopathologically confirmed by a physician.

＜Basic Comprehensive Advanced Medical Care Benefit＞
If a policyholder receives advanced medical treatment during the insurance period due to illness or injury, the technical fees related to advanced medical treatment will be provided for. However, the compensation amount throughout the insurance period shall be limited to the amount for each of the Basic Comprehensive Advanced Medical Care Benefit plans.

＜One-time Comprehensive Advanced Medical Care Benefit＞
100,000 yen is paid if a policyholder receives advanced medical treatment covered by the Basic Comprehensive Advanced Medical Care Benefit during the insurance period due to illness or injury. However, this payment for comprehensive advanced medical care will be made only once throughout the insurance period.

Plans (compensation)

Monthly plans are offered in three types: Easy Plan, Basic Plan, and Safety Plan. Three plans are offered to match the needs of users.

Other characteristics

＜Easy to apply＞
The purchase can be easily made through “PayPay,” and the premium is also paid through “PayPay.” If the user’s identity is verified on “PayPay,” the user does not need to enter their name or other information to apply.

＜Easy to file a claim＞
To file a claim for the One-time Hospitalization Benefit, the policyholder must upload one of the following documents that shows they were hospitalized through the PayPay app: hospitalization plan, receipt, discharge letter, or billing statement.
The insurance settlement will be transferred to the bank account designated by the user.

Mini app screen

Users can complete the purchase of an insurance policy with simple steps all within the PayPay app.

The insurance policies will be provided by Tokio Marine & Nichido Fire Insurance Co., Ltd. (President: Shinichi Hirose), with PayPay Insurance Service acting as the insurance broker.

For more information on each policy, please click on the link below.
https://www.paypay-insurance.co.jp/promotion/medical/app/

* “PayPay” provides 5 types of PayPay Balance: PayPay Money, PayPay Money Lite, PayPay Points, PayPay Bonus Lite, and PayPay Gift Voucher. PayPay Money can be used to pay for partner services and in transactions at merchants if the transaction value 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, and is issued by PayPay 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 protects the debt it owes to its users in by depositing assets equivalent to or more than the debt amount. PayPay Money Lite is an electronic money issued by PayPay, which can be purchased and used to pay for services and in transactions at 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 protects 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 equivalent to 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 in transactions at 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 it will no longer be valid. PayPay Gift Voucher is a type of electronic money issued by PayPay, which can be used to make payments for affiliated services and merchants designated by the PayPay Gift Voucher. However, it cannot be transferred to other users or cashed out. PayPay Gift Vouchers are valid for six months after issuance, after which they 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

Overview of Z Holdings Corporation

Overview of Z Financial Corporation

Overview of PayPay Corporation

Overview of Tokio Marine & Nichido Fire Insurance Co., Ltd.

*Company names, trade names, and products/services in this press release are registered trademarks or trademarks of their respective companies.