ICICI Lombard launches insurance cover for Coronavirus; Should you opt for this?

ICICI Lombard has rolled out a coronavirus-focused policy ‘COVID-19 Protection Cover’. This policy is launched in a group insurance mode. The COVID-19 Protection Cover will pay 100 per cent of the sum insured irrespective of hospitalization expenses, on the diagnosis of COVID-19 positive cases, amid the contagious pandemic.

The insurance company will pay out the entire sum insured if the policyholder tests positive for COVID-19 at any of the Government authorized centers. The sum insurance will be paid in a lump sum in the case of a first diagnosis of the disease during the policy period, however, after an initial waiting period of 14 days.

The COVID-19 protection cover, by ICICI Lombard, for the sum insured of Rs. 25,000 comes at a premium of Rs. 149 and provides. This plan also includes value-added benefits such as Health Assistance and Virtual assistance through chat, ambulance assistance, and teleconsultation as part of the offering.

The policy benefits of the COVID-19 protection cover will be offered to people across the age group of 18 to 75 years, covering the senior citizen population that is said to be majorly impacted by the virus.

Sanjay Datta, Chief – Underwriting, Claims and Reinsurance, ICICI Lombard says, “The COVID-19 protection cover policy will provide financial support to the coronavirus infected cases. The company will pay 100 per cent of the opted Sum Insured as a lump sum in the event of the first diagnosis itself. The cover will prove to be a big help in such challenging times.”

The tenure of the policy is restricted to 1 year. As exclusions, the insurance company will not provide cover to people with travel history to any overseas location after December 31, 2019. Also, if a policyholder has been quarantined as a suspect of the disease or diagnosed with the disease prior to the risk inception date or within the initial 14-Day waiting period, the insurance company will not extend coverage to such an individual. This means the policy will be provided to individuals who are not infected yet with the disease. People who are already infected with the disease or have a high chance of getting it (have visited foreign countries), can not opt for the policy. The policy cover is extended within the geographical boundaries of India and restricted to Indian nationals only.

Source: Financial Express