Bajaj Finance Ltd., the lending arm of Bajaj Finserv Ltd., is offering COVID-19 Protection Cover providing indemnity for risk against COVID-19, which is caused by Severe Acute Respiratory Syndrome Coronavirus-2 (SARS-CoV-2). The insured beneficiary will be covered towards hospitalization expenses (as an in-patient) incurred due to Coronavirus Disease subject to terms, conditions and exclusions of the plan.
The Covid-19 Protection Cover starts at just Rs 952 offering a maximum coverage of Rs 50,000 for one year. The cover also comes at premiums of Rs 1339, Rs 1402, Rs 1469 offering a maximum coverage limit of Rs 1,00,000, Rs 1,50,000 and Rs 2,00,000 respectively for a period of one year.
The COVID-19 Protection Cover offers coverage for hospitalization expenses for a minimum hospitalization period of 24 hours. The plan comes into effect after a standard waiting period of 15 days and can only be availed on the confirmed diagnosis of the infection at a government lab or government/ICMR authorised testing facility.
All the expenses incurred on the treatment of any comorbidity along with the treatment for COVID are also covered under the plan. The plan additionally offers Pre-hospitalisation expenses for a period of up to 30 days and post-hospitalisation expenses for a period up of to 30 days. Ambulance charges subject to a maximum of Rs. 2000 per instance of hospitalization are also covered.
The COVID-19 Protection Cover also allows the treatment of the infection under Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy systems of medicines. The coverage however can be availed only after positive COVID-19 diagnosis at a Government approved laboratory or ICMR approved private laboratory.
Testing done at a Diagnostic centre not authorized by the Government/ICMR will not be recognized under this plan. Further, any expense related to any admission primarily for diagnostics and evaluation purposes or any expenses incurred on Day Care treatment and OPD treatment is excluded from the plan. Claims in relation to COVID 19 where it has been diagnosed prior to the commencement of the plan are also excluded.
Further, diagnosis /treatment outside the geographical limits of India and all unproven treatments which include treatments, procedures or supplies that lack significant medical documentation to support their effectiveness will not be covered.