Mumbai:
ICICI Lombard General Insurance, India’s largest private sector general insurer, has rolled out a focused ‘COVID-19 Protection Cover’.The policy has been launched in group insurance mode. Amid the contagious pandemic, this policy on diagnosis of COVID-19 (+ve)will pay100% of the sum insured irrespective of hospitalization expenses.
If a policyholder tests positive for COVID-19 at any of the government authorized centers, the company will pay out the entire sum insured, in a lump sum in the event of a first diagnosis of COVID-19 during the policy period,subject to an initial waiting period of 14 days.The scope of cover shall be within the geographical boundaries of India and restricted to Indian nationals only.
The health cover is priced affordably at a premium of Rs149 and provides a sum insured of Rs. 25,000 includingvalue added benefits such as Health Assistance and CHAT/Virtual assistance, tele-consultation and ambulance assistance, as part of the offering.
The unique benefit of the COVID-19 protection cover is the coverage across of the age group of 18-75 years,covering the elderly population that is said to be majorly impacted by the virus.
The period of the policy is restricted to 1 year and the scope of the coverage is limited to the geographical boundaries of India. The cover also excludes people with travel history to any location overseas post December 31, 2019 and if the insured has been quarantined for suspected COVID-19 or diagnosed with COVID-19 prior to the risk inception date or within the initial 14-Day waiting period.
On the introduction of the new COVID-19 cover,Sanjay Datta, Chief – Underwriting, Claims & Reinsurance, ICICI Lombardsaid, “Our COVID-19 protection cover policy will providefinancial support to the Corona virus infected cases. We will pay 100% of the opted Sum Insured as a lump sum in the event of first diagnosis itself. With the additional benefits of virtual/CHAT and ambulance assistance, the cover will prove to be an important aid in such challenging times.”
Earlier, Bengaluru based Digit General Insurnace, had launched a coronavirus insurance product that can be sold through its partner program.The insurance policy, allows a person to insure for as little as Rs 25,000 and as much as Rs 2 lakhs.The policy pays out 100% of the sum insured as a lump sum if you are diagnosed and 50% if you are quarantined in a government or military hospital.
However, the policy excludes those who travelled to virus positive countries in the last six weeks or testing done in a centre other than those authorized in India.