COVID-19 effect: Insurers roll out Coronavirus covers

By: |
March 27, 2020 1:15 AM

If the policyholder is diagnosed with COVID-19 infection and is confirmed by a medical practitioner along with government/ a WHO-approved lab then a lump sum benefit of 100% of sum insured would be paid.

To provide maximum benefit to our customers, no past medical history or travel record is required while purchasing insurance policy.

Future Generali India Insurance Company (FGII), announced on Thursday the launch of a group insurance product for coronavirus. The policy by the general insurer will provide a lump sum benefit in case the insured is diagnosed or quarantined for a suspected sign and symptoms or infection of novel coronavirus.

The product offers cover for everyone from an infant who is one day old to a senior citizen up to 75 years of age. Shreeraj Deshpande, chief operating officer, Future Generali India Insurance, said, “It is very important for all of us to come together and protect the citizens against this virus infection. We have designed our coronavirus group insurance product in such a way that it will offer maximum help to the affected. If the policyholder is diagnosed with COVID-19 infection and is confirmed by a medical practitioner along with government/ a WHO-approved lab then a lump sum benefit of 100% of sum insured would be paid. To provide maximum benefit to our customers, no past medical history or travel record is required while purchasing our product.”

A few days ago, Star Health and Allied Insurance had launched ‘Star Novel Coronavirus Insurance Policy’, a benefit policy to cover all those who test positive for the current pandemic COVID-19 (novel coronavirus) and require hospitalisation. Even, ICICI Lombard, had rolled out a focused ‘COVID-19 Protection Cover’. The policy had been launched in group insurance mode.

The Star Novel Coronavirus policy is available under two sum insured options of Rs 21,000 and Rs 42,000 at premiums of Rs 459 plus GST and Rs 918 plus GST, respectively. The Star Novel Coronavirus policy will provide a lump sum payment to any insured between age 18 years to 65 years, who is declared positive by a government accredited test and is hospitalised for the coronavirus. Importantly, the policy does not have any international travel history-related exclusions.

While the group health cover offered by ICICI Lombard is priced at a premium of Rs 149 per employee and provides a sum insured of Rs 25,000 including value 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 novel coronavirus protection cover is the coverage across the age group of 18-75 years, covering the elderly population that is said to be majorly impacted by the virus.

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