Non-life insurer Reliance General Insurance on Wednesday launched a COVID-19 protection insurance scheme, which offers 100 per cent of the sum-insured in lump sum on positive diagnosis of coronavirus. In case a person is quarantined, the plan offers 50 per cent of the sum-insured during that period.
The plan has a policy period of one year and the waiting period is for 15 days before one can claim against the policy, according to a statement by the company. “We have designed this product to reduce the financial implications this pandemic can bring to an individual, by offering them a lump sum policy, irrespective of the treatment cost,” the company’s Executive Director and CEO Rakesh Jain said.
The plan will cover anyone aged between 3 months and 60 years, for a sum-insured option from Rs 25,000 to Rs 2 lakh. It will also give cover for any loss of pay or job under separate add-ons in addition to the base policy. The plan has an add-on option, ‘Travel Exclusion Removal’, which offers waiver to the 45-day travel exclusion policy and enables the insured to claim 100 per cent of the sum-insured if they test positive.