Various Insurance Policies Offered amidst the Coronavirus Pandemic

The Insurance regulator has requested all the insurers to cover the coronavirus cases in their existing plans and make sure that they are attending to these claims.

The Insurance Regulatory Development Authority of India had issued a circular this month that said that the treatment of coronavirus will be covered the same way other illnesses are, “under those products where the hospitalization is covered”.

For all the plans that cover the disease, the regulator had given directions to the insurance companies to also cover the costs of admissible expenses, like the treatment that happens during the quarantine period.

The Insurance companies have also introduced some exclusive policies for coronavirus that has resulted in as far as 25 deaths in the country and has infected over 1000 people as per the reports.

The Indian government will also make the provision of a medical insurance cover worth Rs 50 lakh per person to those people who are at the front-line for fighting the Covid-19. This will be covering around 20 lakh doctors, nurses, paramedical staff, sanitation, and ancillary workers as well.

Following is a list of the existing insurance policies that Cover Covid-19:

  • Aditya Birla Health Insurance

Mr. MayankBathwal, Chief Executive Officer  said in a statement, cA health insurance policy basically covers all infections, and one of the infections is also coronavirus." He further added, “Currently, all of our indemnity offerings include hospitalization covers, in-patient treatment, pre-hospitalization, post-hospitalization as well as ambulance cover. All of these facilities will be available for all of our customers to fight against the coronavirus pandemic.” We are also planning to work on  a product exclusively for coronavirus.”

  • Edelweiss General Insurance

Mr. Shanai Ghosh, executive director, and chief executive said in a statement, “We have an innovative product with our ‘Group Total Protect’, through which we customize various solutions to give cover against various illnesses, including the pandemics and vector-borne diseases at cheaper prices.  The Employer or other groups can customize this for their employees or members.”

All coronavirus cases both suspected and confirmed have been covered up to the sum assured. Our policy will provide cover to the quarantined patients for the complete quarantine period.”

  • IndiaFirst Life Insurance

The existing life insurance plans will be covering death caused by coronavirus as well, said the Managing Director and Chief Executive Officer Mr. Vishakha RM. He further added, “All life insurance plans that are issued and valid will be covering the event of death because of coronavirus illness.”

- The Need For Exclusive Plans

  • Future Generali India Insurance

Chief Operating Officer Mr. Shreeraj Deshpande said, The new products are majorly disease-specific products, which will be paying the benefits after the diagnosis of the specific disease." These products will be taking complete care of the loss of income due to the illnesses, while the hospitalization products will be taking care of the expenses incurred for hospitalization.

- Coverage & Claim Settlement

  • Future Generali India Insurance

The launch of an exclusive coronavirus group insurance product has been announced. Mr. Deshpande said, “In case the policyholder has been diagnosed with Covid-19 infection and is tested positive, then a benefit of 100 percent of the sum insured will be paid. To give maximum benefit to our policyholders, there is no requirement of any past medical history or travel record while they purchase the products.”

If the customer needs to be quarantined for a suspected infection of Covid-19, then only a benefit of 50 percent of the sum insured will be paid as well as an additional benefit of 10 percent of the sum insured will be paid to the quarantined policyholders for any unforeseen incidental expenses.

  • Edelweiss General Insurance

All the expenses including the reimbursement of costs (up to the sum insured) incurred for the diagnostic testing, pharmacy and consultation for the illnesses, and the expenses incurred towards the treatment of coronavirus in India or abroad will be reimbursed in the nearby hospitals.

Patients who are looking for cashless benefits will need to visit those hospitals that have a tie-up with the insurer with a third-party administrator card.


 

  • Aditya Birla Sun Life Insurance

The claims of Death due to coronavirus will be settled based on the records of the hospital for all of those plans in which hospitalization is covered. Reimbursement for the cost of medical expenses required to treat coronavirus will also be settled.

  • Max Life Insurance Company

All death claims due to coronavirus will be honored, subject to other terms and conditions of the policy because there are no exclusions for death benefits due to epidemics. The Hospitalisation benefits under Medicash and Medicash Plus claims, due to coronavirus, will be honored as well.

Although coronavirus and other infectious diseases like it are not covered under the critical illness riders. Our claims team will be treating these events with sensitivity as we value our customers perfectly.

PC: Free Press Journal, Winning Bizness, Bimabazar, Uipath, Investopedia

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