ICICI Lombard, India’s leading private sector non-life insurance company has rolled out a focused ‘COVID-19 Protection Cover’. The policy has been launched in a group insurance mode.
Amid the contagious pandemic, this policy on the diagnosis of COVID-19 (+ve) will pay 100 per cent of the sum insured irrespective of hospitalisation expenses. The new product is a step forward in ICICI Lombard’s endeavour in introducing industry-first initiatives for its customers in line with its ethos of “Nibhaaye Vaade” (Keeping Promises).
If a policyholder tests positive for COVID-19 at any of the Government authorised centers, the company will pay out the entire sum insured, in a lump-sum in the event of the first diagnosis of COVID-19 during the policy period, subject to an initial waiting period of 14 days. The scope of cover shall be within the geographical boundaries of India and restricted to Indian nationals only.
The health cover is priced affordably at a premium of Rs 149 and provides a sum insured of Rs 25,000 including value-added benefits such as Health Assistance and CHAT/Virtual assistance, teleconsultation and ambulance assistance, as part of the offering.
The unique benefit of the COVID-19 protection cover is the coverage across the age group of 18-75 years, covering the elderly population that is said to be majorly impacted by the virus.
On the introduction of the new COVID-19 cover, Sanjay Datta, Chief – Underwriting, Claims & Reinsurance, ICICI Lombard said, “In the light of the Coronavirus pandemic, a specially designed insurance cover was the need of the hour. Keeping this in mind, at ICICI Lombard, we have introduced this unique cover to help them in their endeavour. Our COVID-19 protection cover policy will provide financial support to the Corona virus-infected cases. We will pay 100 per cent of the opted Sum Insured as a lump sum in the event of the 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 period of the policy is restricted to one year and the scope of the coverage is limited to the geographical boundaries of India. The cover also excludes people with travel history to any location overseas post-December 31, 2019 and if the insured has been quarantined for suspected COVID-19 or diagnosed with COVID-19 prior to the risk inception date or within the initial 14-Day waiting period.