COVID-19 Treatment Insurance Service Page:
https://www.paypay-insurance.co.jp/promotion/covid-care/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 the COVID-19 Treatment Insurance (hereinafter “Insurance”) available in the PayPay Insurance mini app*1 within the cashless payment service PayPay starting today. This is the first insurance product in Japan*2 aimed at supporting users who are hesitant to utilize COVID-19 antiviral drugs due to high treatment costs, allowing them to concentrate on their recovery with peace of mind.
*1. A feature that allows users to smoothly make reservations, order products, and make payments for services provided by PayPay’s partner companies from the PayPay app
*2. Based on research by Aiaru syougakutankihoken Corporation (As of January 2025. Research on insurance products that with coverage for COVID-19 antiviral drugs, in which a third party pays a portion of the premiums.). that specializes in coverage for antiviral drug treatment of new coronary infections, with a third party paying a portion of the premiums.)
This insurance addresses the tendency for COVID-19 to periodically resurge*3. Despite reclassification as a Category 5 Infectious Disease in May 2023, COVID-19 still carries a high risk with 6 times as many hospitalizations and 15 times as many fatalities compared to influenza*4.
While prevention against COVID-19 remains crucial, the treatment with antiviral drugs, approved for safety and efficacy by Japan’s Ministry of Health, Labour and Welfare, represents one avenue of treatment in the event of getting infected*5.
On the other hand, a survey on the use of antiviral drugs*6 has revealed the hesitancy of many people to use antiviral drugs due to the high cost which ranges from 15,556 yen to 55,798 yen per treatment despite it being 30% of the actual cost*7, in addition to a low awareness of the treatment method to begin with. Thus, it can be surmised that there is demand for insurance that reduces costs so that users can receive treatment without financial strain.
The Insurance was developed by utilizing PayPay Insurance’s knowledge regarding the development and distribution of insurance products so that users hesitant to undergo treatment with antiviral drugs to its high costs can focus on getting better with peace of mind. Up to 30,000 yen in insurance benefits will be offered to users diagnosed with COVID-19 and prescribed antiviral drugs.
One can choose from three plans (Easy Plan, Basic Plan, and Safety Plan) according to their needs, and can either pay monthly, annually, or biannually. The most economical Easy Plan is 100 yen per month (premiums and coverage for all three plans are shown below). Premiums can be paid with PayPay Balance, including PayPay Points, as well as PayPay Credit.
Additionally, family coverage is also possible through a single application, addressing potential household infections with children or elderly family members*8.
*3. Research by PayPay Insurance based on “Trends in the number of reports per fixed point” from Trends in COVID-19 on the Ministry of Health, Labour and Welfare’s website (https://www.mhlw.go.jp/stf/seisakunitsuite/bunya/houkokusuunosuii.html)
*4. Calculated by PayPay Insurance based on the Infectious Diseases Weekly Report download for 2024 (https://www.niid.go.jp/niid/ja/idwr-dl/2024.html) from the National Institute of Infectious Diseases, for a comparison of COVID-19 and influenza.
*5. Page 39 and later from the Guideline for the Treatment of COVID-19 Version 10.1 published by the Ministry of Health, Labour and Welfare, (https://www.mhlw.go.jp/content/001248424.pdf)
*6. According to a panel survey on COVID-19 treatment medications, 52.1% of respondents answered “No” to the question “Are you aware that there are treatment medications for COVID-19?” Additionally, 54.9% stated that the reason they would not want to receive treatment with COVID-19 medications is because “the medication is too expensive” (random panel survey of 3,633 people conducted by PayPay Insurance in September 2024).
*7. Calculated by PayPay Insurance based on the Ministry of Health, Labour and Welfare’s “Response to High-Cost Medications (Infectious Disease Treatments).” (https://www.mhlw.go.jp/content/12404000/001223956.pdf)
*8. Those between 12 to 69 of age as of the insurance start date are eligible.
■ Features of COVID-19 Treatment Insurance
Period of availability and insurance
Coverage (applicable reasons for the payment of insurance money)
＜Insurance benefits＞
Insurance benefits are payable if the insured is diagnosed and prescribed COVID-19 treatment at a hospital etc., during the coverage period.
*The benefits can only be paid out twice.
*Limited to medical institutions in Japan.
*The following are covered: Veklury® intravenous infusion, Lagevrio® capsules, Paxlovid® pack, and Zocova® tablets.
Plans (premium and insurance money)
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＞
The application and subsequent premium payments can all be completed easily from the PayPay Insurance mini app in the PayPay app. The application will be even easier if the user has already verified their identity in the PayPay app, which eliminate the need to input information such as their name. Applications for family members can also be bundled smoothly.
＜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.
How to use
Users can subscribe to an insurance policy, starting from selecting a plan, with simple steps within the PayPay Insurance mini app in the PayPay app.
The Insurance will be provided by PayPay Insurance Service and Aiaru syougakutankihoken Corporation (President: Katsuyuki Ando), a subsidiary of Sumitomo Life Insurance Company.
The Insurance is also offered with partial sponsorship in premiums from Shionogi & Co., Ltd. (Representative Director, President and CEO: Isao Teshirogi).
For more information on COVID-19 Treatment Insurance, please see the following website.
https://www.paypay-insurance.co.jp/promotion/covid-care/app/
* “PayPay” offers four types of electronic money and other services: PayPay Money, PayPay Money Lite, PayPay Points, and PayPay 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. PayPay Money (Paycheck) refers to PayPay Money that can only be purchased with wages received by the PayPay user in their Paycheck Account. 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, it cannot be transferred to other users or 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. Please see “Applying for compensation” for details.
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: Shingo Ogasawara, Representative Director, President, Corporate Officer, CEO
Business description: Business management of group companies and related operations
Overview of PayPay Corporation
Name: PayPay Corporation
Location: YOTSUYA TOWER, 1-6-1 Yotsuya, Shinjuku-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 Aiaru syougakutankihoken Corporation
Name: Aiaru syougakutankihoken Corporation
Location: 7F Fujino Building,15-18 Nihonbashi-Kodenmacho, Chuo-ku, Tokyo
Representative: Katsuyuki Ando, President
Business description: Provision of small amount and short-term insurances
Overview of Shionogi & Co., Ltd.
Name: Shionogi & Co., Ltd.
Location: 1-8, Doshomachi 3-chome, Chuo-ku, Osaka
Representative: Isao Teshirogi, Representative Director, President and CEO
Business description: Research, development, manufacturing and distribution of pharmaceuticals, diagnostic reagents and medical devices, etc.
*Company names, trade names, and products/services in this press release are registered trademarks or trademarks of their respective companies.
