Coronavirus has tiptoed closer to us and as more cases of coronavirus are getting detected in India, the country is heading towards a nationwide panic, to tackle the epidemic. The coronavirus outbreak has now spread to over 70 countries, with its epicenter in China, and has killed more than 3000 people globally. The outbreak was declared as a global health emergency, by the WHO on 30 January 2020.
Even though countries are spending billions on emergency economic measures to tackle the outbreak, are you prepared to treat it yourself? To help with that, Digit Insurance has announced the launch of its latest insurance product that will cover an individual against the coronavirus disease (COVID-19).
It is a need-based insurance cover, built under the Digit Health Care Plus health insurance product and filed under IRDAI’s Sandbox Regulations. The IRDAI’s Sandbox Regulations encourages insurers to launch and test innovative product offerings for the Indian consumers. Kamesh Goyal, Chairman, Digit Insurance, said, “It is unfortunate to contract an disease for which treatments are still in the trial phases. In such a time, this cover is the need of the hour. At such a devastating time, customers wouldn’t want to be stuck doing paperwork and running around to raise money to pay for the multiple screening and treatment tests. Therefore, we are offering this as a flat benefit cushion cover, for both positive and quarantined cases.” While for positive cases, 100 per cent will be paid out, and 50 per cent of the sum insured will be paid for quarantined cases. This way even in the smallest way possible, the policy will compensate for the loss of income during this period.
What is covered under this plan?
Ongoing treatment: This plan will also pay for ongoing treatment. If the test for coronavirus disease is found positive for COVID-19 from any of the authorized centers of ICMR – National Institute of Virology, Pune – the insurance plan will give 100 per cent of the claim amount. The policyholder will not have to wait for the completion of treatment.
Quarantine cases: The insurance plan will give 50 per cent lump sum of the claim amount to the policyholder, for a consecutive period of 14 days, if only quarantine is advised in a Govt/ Army/ Military hospital. Even if COVID-19 is later found negative, the payout will still be valid as it covers the screening and treatment costs.
Here are the benefits of the cover;
Fixed benefit cover: This plan comes with fixed benefit cover, hence, there is no hassle of hospitalization bills as getting detected with the disease is already quite stressful.
Simple claims: The claims have also been kept simple and easy, with no requirement for hard copies. For claims, the policyholder just needs to submit a positive virology report from ICMR – National Institute of Virology – Pune, India, or a certificate from a government medical officer to start the treatment for COVID-19.
Coverage up to 2 lakhs: Policyholders get the option of choosing from multiple sums insured options starting from Rs 25,000. The premium is Rs 299, for a 30-year-old, for a chosen sum insured of Rs 25,000.
This plan is applicable for Indian residents only, below 75 years of age and comes with an initial waiting period of 15 days. For being eligible for this policy, note that the insured should not have been in contact with anyone with a suspected history of the disease, till the policy ends.
If you or your immediate family members have traveled to countries such as China, Thailand, Malaysia, Japan, Singapore, Hong Kong, Macau, Italy, Iran, Bahrain, Kuwait, Taiwan since December 2019, you will not be eligible for the policy.
The insured should not be suffering from any symptoms of the virus, like cough with or without sputum, cold or nasal block, fever with body pain or shortness of breath for the last 6 weeks. Having these symptoms indicate, that the disease has already been contracted.