Now, Indians Can Get Coronavirus Insurance Cover For as Low as Rs 149

As the number of Coronavirus cases increase in India, with the tally hitting 211 by Friday afternoon, leading private insurers are launching insurance policies focussed towards covering treatment expenses of novel Covid-19 in India.

ICICI Lombard on Thursday rolled launched ‘COVID-19 Protection Cover’ that promises coverage across the vast age group of 18-75 years. By paying a premium of just Rs 149, individuals can get a sum insured of Rs 25,000.

As per the rules, if a policyholder tests positive for COVID-19 at any of the “government-authorized centre”, the company will pay out the entire sum insured, i.e. Rs 25,000 in this case, in a lump sum irrespective of hospitalization expenses, subject to an initial waiting period of 14 days.

However, there are some key exclusions. The cover excludes people with travel history to any location overseas after 31 December 2019. Also, no policy benefit can be availed if the insured has been quarantined for suspected COVID-19, or diagnosed with COVID-19, before the risk inception date, or within the initial 14-day waiting period.

Also, the scope of cover shall be within the geographical boundaries of India and restricted to Indian nationals only.

The period of the policy is restricted to 1 year and comes with value-added benefits such as Health Assistance and CHAT/Virtual assistance, tele-consultation and ambulance assistance.

Another leading health insurer, Star Health and Allied Insurance, also launched a ‘Star Novel Coronavirus’ policy that provides a lump sum payment to any insured person who is declared positive by a government accredited test and is hospitalised for the same.

Importantly, it only caters to people aged between 18 and 65 years, excluding the more vulnerable elderly section of society. However, the policy does not have any international travel history-related exclusions unlike the ICICI Lombard policy.

The Star Novel Coronavirus policy is available under two sum insured options -- Rs 21,000 and Rs 42,000 -- at premiums of Rs 459 plus GST and Rs 918 plus GST, respectively.