Insurers make a killing during Covid pandemic

BENGALURU: In a bid to goad employees worried about reporting to work physically and catching Covid-19, employers have come up with an attractive option —funding an insurance policy for their treatment if they catch it. This has translated into a boon for insurers, who have come out with special Covid cover packages.Nearly 300 of the 1,200 traders at the Agricultural Produce Marketing Committee at the Yesvantpur yard have sponsored Covid policies for their workers, said Ramesh Chandra Lahoti, Chairman, APMC Committee, Federation of Karnataka Chambers of Commerce and Industry.

Lahoti, who runs his own pulses business at the APMC yard, said, “I have taken Covid insurance for five of my employees, which cost me Rs 2,400 per person. This covers their treatment cost up to Rs 5 lakh for 9.5 months.”Umesh Davda, an insurance adviser with National Insurance Company Limited, said, “I have booked over 100 policies in Bengaluru in the last week alone. We launched ‘Corona Kavach Policy’ only the week before that. I cover businessmen mainly.”

Detailing the costs involved, Davda said that up to 20 years, one needs to pay Rs 770 for coverage up to Rs 3 lakh, and Rs 1,185 for coverage up to Rs 5 lakh. The respective costs for 21-35 years are Rs 1,670 and Rs 2,385; 36-50 years are Rs 3,000 and Rs 4,095; and 51-65 years are Rs 5,035 and Rs 6,510. “GST of 18% would be added to all of them, and it applies only to those who test positive and are hospitalised,” he added.

Health adviser at Policybazaar.com, Akash Agarwal, said, “Right from March this year, there has been an interest in insuring for Covid. In July, the demand is four-fold. Some employers want to take  the policy for their entire staff. Out of the 80 calls I handle from across the country daily, 7 or 8 are from Bengaluru alone,” he says.

Source: The New Indian Express