Coronavirus Insurance: Looking for a COVID-19 cover? Here are your options

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Published: March 22, 2020 11:48:21 AM

While most health insurance policies in India claim to be providing cover for the coronavirus infection, there are various criteria under which policyholders are also denied a claim for its treatment. To help to tackle the outbreak, many insurance companies have come up with insurance products that will cover an individual against the coronavirus disease (COVID-19).

coronavirus insurance, home quarantine, Coronavirus treatment, Coronavirus outbreak, WHO, SARS, SARS in china, Coronavirus  vaccine, Covid-19, latest news on coronavirus casesWith a high rate of detection of the virus in India, the country is heading towards a nationwide panic.

Coronavirus has spread across the world, and more and more cases of coronavirus are getting detected even in India, at an increasing rate. On 30 January 2020, WHO declared the outbreak of this virus as a global health emergency as COVID-19 has now spread to over 70 countries.

With a high rate of detection of the virus in India, the country is heading towards a nationwide panic.

While most health insurance policies in India claim to be providing cover for the coronavirus infection, there are various criteria under which policyholders are also denied a claim for its treatment. Also, the policyholders’ claim will be limited by the maximum sum insured under their health insurance policies.

To help to tackle the outbreak, many insurance companies have come up with insurance products that will cover an individual against the coronavirus disease (COVID-19).

Here are some of the exclusive health insurance options for treating Coronavirus:

ICICI Lombard – ICICI Lombard has brought in ‘COVID-19 Protection Cover’ that will pay 100 per cent of the sum insured to the policyholder in case he is declared COVID-19 positive, irrespective of hospitalization expenses.

During the policy period, the sum insured will be paid in a lump sum in the case of the first diagnosis of the disease, after an initial waiting period of 14 days. The policy will provide protection cover for people across the age group of 18 to 75 years, including senior citizens who are mostly affected.

Note that, this policy will not provide cover to individuals with travel history to any overseas location after December 31, 2019.

For the sum insured of Rs 25,000, policyholders need to pay a premium of Rs 149. The ‘COVID-19 Protection Cover’ by ICICI Lombard also includes value-added benefits such as Virtual assistance and Health Assistance through chat, ambulance assistance, and teleconsultation as part of their plan offering.

Star Health and Allied Insurance – Start Health has introduced its ‘Star Novel Coronavirus Insurance Policy’, which will provide cover to those who test positive for COVID-19 and require hospitalization. This insurance policy will provide cover to people between the age group of 18 and 65 years.

Note that, this policy will provide cover to individuals, irrespective of having any international travel history to any overseas location.

This policy comes under 2 sum insured options – Rs 21,000 and Rs 42,000. The premium is set at Rs 459 for a sum insured of Rs 21,000 and Rs 918 for a sum insured of Rs 42000.

Digit Health Insurance – Built under the Digit Health Care Plus health insurance product and filed under IRDAI’s Sandbox Regulations, this health insurance policy will provide flat benefit cover, for both positive and quarantined cases. For quarantined cases, 50 per cent of the sum insured will be paid, while for positive cases, 100 per cent of the sum insured will be paid.

This insurance plan will also pay for the ongoing treatment of the policyholder. The insurance plan will give 50 per cent of the lumpsum sum insured to the policyholder in case of quarantine, even if COVID-19 is later found negative.

It will provide coverage up to Rs 2 lakh, starting with a sum insured of Rs 25,000. For the sum insured of Rs 25,000, the premium is set at Rs 299, for a 30-year old.

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