In the wake of the coronavirus outbreak, insurance companies are coming out with special cover against the deadly disease.
In the last few days, a number of such polices have been launched, which offer lumpsum payment to anyone who tests positive for coronavirus.
Most existing health insurance policies already provide cover, but these are separate risk policies for those who wish to avail it or do not have health insurance. The insurance cover are priced at a relatively low premium.
Standalone health insurer Star Health and Allied Insurance has launched ‘Star Novel Coronavirus Insurance Policy’, which is a benefit policy that covers all those who test positive and require hospitalisation.
Lump sum payment
It will provide a lump sum payment to any insured between the ages of 18 years and 65 years. It offers two sum insured options of ₹21,000 and ₹42,000 at premiums of ₹459 and ₹918, respectively, excluding GST. It does not have any international travel history-related exclusions.
Similarly, Clinikk Healthcare has also rolled out what it terms a comprehensive protection plan against Covid19. Under the scheme, it offers customers end-to-end treatment services, including consultation with qualified doctors, 24×7 doctor assistance, and ₹1 lakh insurance cover against any hospitalisation costs related to coronavirus.
“Designed to be affordable and accessible to everyone, the support plan begins at ₹499,” it said in a release.
Private sector general insurer ICICI Lombard has also come out with such a policy focussed at ‘COVID-19 Protection Cover’.
Launched as a group insurance policy, it will pay 100 per cent of the sum insured, irrespective of the hospitalisation expenses if the diagnosis of COVID-19 positive.
The health cover is priced at a premium of ₹149 and provides a sum insured of ₹25,000. It covers those between the ages of 18 and 75. The period of the policy is restricted to one year, and the scope of the coverage is limited to the geographical boundaries of India.