Jiji Press TOKYO (Jiji Press) — Line Corp. and Sompo Japan Nipponkoa Insurance Inc. said Tuesday that they have started a service enabling people to gift insurance products to acquaintances and others with the Line free messaging app on their smartphones.
For the first product under the service, Line and the nonlife insurer have developed an insurance policy that allows people to receive a payout of ¥10,000 in the event of an earthquake registering lower 6 or over on Japan’s seismic intensity scale.
After people buy the insurance policy for ¥500, they will be able to give the product as a present via the app to acquaintances and relatives.
The term of the insurance is one year.
People who receive the product will decide whether to subscribe to the policy. If a policyholder’s neighborhood is hit by a strong quake measuring lower 6 or over on the Japanese scale, Line will send the policyholder a message about insurance claims a few minutes after the jolt.
A total of ¥10,000 in electronic money will be paid to the policyholder’s Line Pay account following a declaration of damage to household goods or emergency purchases. Line Pay is a smartphone payment service operated by Line.