Influenza Insurance service page: https://www.paypay-insurance.co.jp/promotion/influenza/app/
PayPay Insurance Service Corporation (hereinafter “PayPay Insurance Service”), a group company of LY Corporation (hereinafter “LY”), Z Financial Corporation, and PayPay Corporation (hereinafter “PayPay”) are pleased to announce that the Influenza Insurance (hereinafter “Insurance”) is again on offer in the PayPay Insurance mini app*1 within the cashless payment service “PayPay.” This is the first insurance product*2 in Japan that specializes in influenza.
*1. A feature that allows users to smoothly make reservations, order products, and purchase services provided by PayPay’s partner companies from the PayPay app.
*2. Based on research by Aiaru syougakutankihoken Corporation (as of December 2022)
While the flu never subsided since last season, it started spreading again in September this year, causing many schools and classes across the country to close. According to the Ministry of Health, Labour and Welfare*3, the number of influenza cases reported by specified medical institutions from September 25 to October 1 exceeded 47,000, which is comparable to the figure for January last season. To help users prepare for the flu, PayPay Insurance Services has started offering the Insurance three months earlier than last year.
This product was the first in the insurance industry specifically designed for influenza, and was provided from January to March this year. If a policyholder contracts type A or B influenza during the period of insurance and is prescribed anti-influenza medication at a hospital or other medical institution, benefits to cover the medical expenses will be provided. In addition, hospitalization expenses will be covered if the policyholder is hospitalized for two days or more (one night and two days) for the purpose of treatment. Users can easily subscribe to the Influenza Insurance for as little as 250 yen per month, and benefits can be received on the same day.
In addition, since one can subscribe their family with a single application, it is possible to prepare for infections amongst family members, from small children to the elderly. 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.
The Insurance has been well received by many users since the day it was launched last year, with the number of purchases exceeding 10,000 in just three days after its release, and further increasing to over 30,000 during the two-month sales period. Among the policy buyers, those in their 30s to 50s tend to buy also for their families. In addition, more than half of the policyholders across all generations selected the Safety Plan that pays the maximum amount (7,000 yen) for medical treatment.
While the Insurance benefits are 30,000 yen for hospitalization, people who want more generous coverage may consider Koredake Medical Insurance as well.
The PayPay Insurance mini app has been used by many users for one year and seven months since its launch in December 2021, with over 2 million*4 policy purchases since then. 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.
*3. Ministry of Health, Labour and Welfare, “Press Release on Influenza 2023/2024 Season”
https://www.mhlw.go.jp/stf/seisakunitsuite/bunya/kenkou_iryou/kenkou/kekkaku-kansenshou01/houdou_00014.html
*4. As of July 18, 2023.
■ Influenza Insurance Details
Period of availability and insurance
＜Period of availability＞
October 11, 2023 – March 22, 2024
＜Period of insurance＞
October 21, 2023 – April 30, 2024
Coverage
＜Medical expenses＞
When a policyholder contracts influenza A or B during the period of insurance and is prescribed anti-influenza medication at a hospital or other medical institution
＜Hospitalization expenses＞
When a policyholder suffers from symptoms of influenza A or B and is hospitalized for two or more consecutive days (one night and two days) for the purpose of treatment.
*The benefits can only be paid out twice.
*Limited to medical institutions in Japan.
Plans (premiums and benefits)
There are three monthly plans: Easy Plan, Basic Plan, and Safety Plan. Plans can be selected according to the needs of users.
Other characteristics
＜Easy to apply＞
Purchases can be easily made through the PayPay app and the premium is also paid through the PayPay app. If the user’s identity is verified on “PayPay,” the user does not need to enter their name or other information to apply. 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 statements issued by medical institutions and dispensing pharmacies through the PayPay app.
The insurance settlement will be transferred to the bank account designated by the user.
Mini app screen
Users can subscribe to an insurance policy, starting from selecting a plan, with simple steps 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.
For more information on the Influenza Insurance, please click on the link below.
https://www.paypay-insurance.co.jp/promotion/influenza/app/
*”PayPay” provides 4 types of PayPay balance: PayPay Money, PayPay Money Lite, PayPay Points, and Gift Vouchers.
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 services, 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 by depositing assets equivalent to or higher 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 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, 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 Points cannot be sent or transferred between PayPay users or be cashed out. 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 have an expiration date, after which they will no longer be valid. The deadline for Gift Vouchers can be confirmed in the details or specifications of the measure or promotion campaigns for which they are issued.
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. For more details, please visit application for compensation.
Overview of PayPay Insurance Service Corporation
Name: PayPay Insurance Service Corporation
Location: Tokyo Garden Terrace Kioicho Kioi Tower, 1-3 Kioicho, Chiyoda-ku, Tokyo
Representative: Yutaka Hyodo, President and Representative Director, CEO
Business description: Damage insurance agency services, life insurance solicitation services, and small-amount, short-term insurance solicitation services
Overview of LY Corporation
Name: LY Corporation
Location: Tokyo Garden Terrace Kioicho Kioi Tower, 1-3 Kioicho, Chiyoda-ku, Tokyo
Representative: Takeshi Idezawa, President and Representative Director, CEO
Business description: Development of online advertising business, e-commerce business, subscription services, and management of group companies
Overview of Z Financial Corporation
Name: Z Financial Corporation
Location: Tokyo Garden Terrace Kioicho Kioi Tower, 1-3 Kioicho, Chiyoda-ku, Tokyo
Representative: Hiroyuki Torigoe, Representative Director, President Corporate Officer, CEO
Business description: Business management of group companies and related operations
Overview of PayPay Corporation
Name: PayPay Corporation
Location: 33F Tokyo Port City Takeshiba Office Tower, 1-7-1 Kaigan, Minato-ku, Tokyo
Representative: Ichiro Nakayama, President & Representative Director, CEO, Corporate Officer
Business description: Development and provision of mobile payment and other electronic payment services
Overview of Overview of Aiaru syougakutankihoken Corporation
Name: Aiaru syougakutankihoken Corporation
Location: 15-18, Nihonbashi-Kodenmacho, Chuo-ku, Tokyo
Representative: Katsuyuki Ando, President
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.
