Coronavirus Insurance Policies – Know More About New Policies By Insurance Companies

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Coronavirus pandemic has engulfed major part of the world with infected rising every day and death toll crossing 40000 plus worldwide. The virus that started from Wuhan City in China seems to be impacting the health and overall economy of people.

In such a scenario, people who have contacted this virus or are prone to falling ill would like to know how their health insurance that they have been paying premium for covers them. Well, the bad news is that most of the health covers and insurance companies are also in a fix and are drifting towards changing their policies bringing new insurance policy to cover the issue at hand.

Insurance Policies for Coronavirus

Star Health (nCoV) (COVID-19) Insurance Product – This is the pilot product from Star health insurance with the policy term of 1 year. The beneficiary can chose between sum insured options of 21000/- and INR 42000/.

Premium applicable on the policy is Rs 459/ +GST and Rs 918/. +GST respectively

Following is the eligibility criteria:

  • Person should be aged between 18 years and 65 years
  • Policy is issued on individual sum insured basis only
  • It’s a one policy per individual
  • Children who are dependent can be covered from 3 months to 25 years along with any one of the parent

An individual who has taken the policy stands to get the sum reimbursed in case of hospitalization after the diagnosis of COVID19. Before applying for the policy you should note that the sum is payable only in the case of positive detection of the virus and hospitalization thereafter. Further, the policy has an initial waiting period of 16 days from the date of commencement of this policy.

Further, an individual is advised to read the brochure and policy document carefully before signing up for the policy

ICICI Lombard focused COVID-19 Protection Cover – The insurance company has stated that they will pay 100% of the sum insured towards hospitalization charges if the person is detected with novel coronavirus and is hospitalized. ICICI Lombard has launched the insurance policy in group insurance mode. As per the policy, in case the person is diagnosed with COVID 19 at any of the Government authorized centers, 100% of the sum insured will be paid.

The policy is subjected to the initial waiting period of 14 days and is applicable for those within the geographical boundary of India and Indian nationals. Eligibility criteria for the same is as follows:

  • An individual should be between the age group of 18-75 years
  • The person should not have any travel history to any location after December 31, 2019
  • The person who has been taken into quarantine for suspected COVID-19 or detected with COVID-19 before the risk inception date or within the initial 14 days waiting period will also be excluded.

 

At the premium of INR 149, the sum insured is that of Rs 25000 along with value added benefits. ICICI Lombard has restricted the policy period to 1 year and available for only those who are in geographical boundaries of India.

With Coronavirus being the unprecedented threat, insurance and health companies are taking calculated measures and rolling out new policies. However, investors should ensure reading all the documents pertaining to the policy before applying for it.

 

 
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An MBA in finance, I like to cover the wide range of topics related to Taxation, SEBI, Finance and anything that is Public Helpful. The motive is always to make it simpler for the taxpayers understand the system better and take informed decisions.

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