In line with IRDAI’s guidelines, two general insurers – Star Health and ICICI Lombard have launched health insurance policies offering protection against the novel coronavirus disease.
Star Health has launched Star Novel Corono Antivirus Covid-19 for individuals in the age group between 3 months and 65 years. The policy offers sum insured of Rs.21,000 against the premium amount of Rs.459 and Rs.42000 at premium of Rs.918 for a year. There will be waiting period of 16 days i.e. the insurance company would pay for hospitalization to the extent of sum insured only if your clients contract coronavirus after 16 days of buying the policy.
Similarly, ICICI Lombard General Insurance Company has rolled out a focused ‘COVID-19 Protection Cover’. However, the policy is available under group insurance. If a policyholder tests positive for COVID-19 at any of the government authorized centers, the company will pay out entire sum insure, subject to an initial waiting period of 14 days. The health cover is priced at a premium of Rs.149 and provides a sum insured of Rs. 25,000.
Earlier this month, IRDAI has asked insurers to introduce specific policies including coronavirus and other vector borne diseases.