International insurance broker Gallagher, through its Indian joint venture Edelweiss-Gallagher- launched a Pandemic Group Insurance product, providing a comprehensive COVID-19 indemnity cover solution in the country.
The cover can be bought by the essential workers and front-line services including hospital and healthcare providers, food distribution, and pharmaceutical manufacturers, under the current uncertainty.
The cover provides hospitalisation cover including intensive care unit (ICU), road ambulance and access to a secondary medical opinion, the product includes access to all hospital types including private, government and military, with sums insured from 50,000 to 3 million Indian Rupees (US$604 to US$39,648).
The product is exclusive to the Indian market and requires a positive test report for coronavirus disease (COVID-19) conducted from ICMR Authorized test Centre in India from National Institute of Virology, Pune. Children below 18 years are also covered if either parent purchases the policy, and only covers treatment provided in India.
Coverage is applicable only if the insured member(s) is/are diagnosed with, and hospitalised solely for, COVID-19 following an initial 15-day waiting period, said Gallagher, noting that travel and pre-existing health condition exclusions apply.
“Insurance is an instrument for social and economic good. Given the significant disruption and uncertainty that communities around the world are experiencing, insurance plays an integral role in maintaining business continuity,” commented Vyvienne Wade, CEO of International Operations at Gallagher.
“It is one way in which we can help clients to move forward with a degree of confidence at a time when the market is challenged by lockdown and travel restrictions,” said Wade
“We sought to provide a comprehensive insurance solution that enables critical workers at the front line, and their families, to have access to hospital care including ICU. The online and paperless claims process is also easy to manage and supported by a dedicated health claims management team,” she added.
“Insurance products generally exclude pandemics, epidemics and infectious disease management in a commercial environment. As such, a COVID-19 specific solution for the India market presents a practical solution for the business community and our clients, and we are delighted to be able to reach this point,” Wade concluded.
With reported confirmed COVID-19 cases and death toll rising of more than 900, the product will serve its purpose, said Gallagher.
Following revised guidelines issued by the Ministry of Home Affairs (MHA), a recent circular (15 April 2020) from the Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to provide group and individual insurance cover, using simple wordings and attached conditions, the broker noted.