ICICI Lombard, an India-based private sector non-life insurance company, has rolled out a dedicated Coronavirus (Covid-19) group insurance cover.
The new insurance policy will pay 100% of the entire sum insured on the policyholder’s first Covid-19 diagnosis during the policy period.
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ICICI will, however, pay the amount in a lump sum, subject to an initial waiting period of 14 days.
The policy period is restricted to one year and is applicable to policyholders that have tested positive to the disease at any of the Government authorised centres.
The insurance cover will be limited to the geographical boundaries of India and applicable only to Indian citizens across the age group of 18-75 years.
The health cover is priced at a premium of INR149 ($1.98) and provides a sum insured of INR25,000 ($332.62).
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By GlobalDataThe cover also includes value-added benefits such as Health Assistance and CHAT/Virtual assistance, teleconsultation and ambulance assistance.
ICICI Lombard underwriting, claims & reinsurance chief Sanjay Datta said: “In the light of the Coronavirus pandemic, a specially designed insurance cover was the need of the hour.
“Our COVID-19 protection cover policy will provide financial support to the Corona virus-infected cases.
“We will pay 100% of the opted Sum Insured as a lump sum in the event of first diagnosis itself.
“With the additional benefits of virtual/CHAT and ambulance assistance, the cover will prove to be an important aid in such challenging times.”
The cover does not include people with travel history to any international location after 31 December 2019.
The policy also excludes those quarantined for suspected Covid-19 or diagnosed with Covid-19 prior to the risk inception date or within the initial 14-Day waiting period.
