Economy

ICICI Lombard rolls out cover for COVID-19

Policy will pay 100% of sum insured to policyholder on first diagnosis

General insurer ICICI Lombard has rolled out a focussed ‘COVID-19 Protection Cover’ under the group insurance mode.

This policy will pay 100% of the sum insured to a policyholder diagnosed as COVID-19 positive, irrespective of the hospitalisation expenses.

“If a policyholder tests positive for COVID-19 at any of the government-authorised centres, 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 insurer said.

The health cover is priced at a premium of ₹149 and provides a sum insured of ₹25,000, including value-added benefits such as health assistance, tele-consultation and ambulance assistance, as part of the offering.

The policy covers holders in 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 and reinsurance, ICICI Lombard, said, “In the light of the pandemic, a specially-designed insurance cover was the need of the hour. Keeping this in mind, we have introduced this unique cover to help them in their endeavour. Our COVID-19 protection cover policy will provide financial support to virus-infected cases. We will pay 100% 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.”

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Printable version | Mar 31, 2020 7:38:20 PM | https://www.thehindu.com/business/Economy/icici-lombard-rolls-out-cover-for-covid-19/article31131223.ece

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