The fresh cases of Coronavirus (COVID-19) have been on a steady increase, Digit Insurance has launched the first product that provides a cover for the disease.
The sum that can be insured would range from Rs 25,000 to Rs 2 lakh with a base premium of Rs 299. The product will be available for purchase until July 1. The validity of the cover is one year.
This premium is applicable for a 30-year-old for a cover of Rs 25,000.
Digit’s health insurance product Health Care Plus will provide the insurance cover, it has been filed under IRDAI’s sandbox regulations where products can be tested on a pilot basis for six months.0.
It will be valid for sale from February 1 to July 1, 2020. Those individuals buying the product during this period will be able to claim during the 12 months of the policy period.
If any patient infected with Coronavirus disease is found positive from any of the authorised centres of ICMR-National Institute of Virology, Pune, Digit will give 100 per cent of the claim amount. A policyholder needs to wait for the completion of treatment.
If only quarantine is advised in a government or army/military hospital for a consecutive period of 14 days then 50 per cent lump sum of the claim amount will be given. This is applicable even if someone tests negative for COVID-19 at a later stage.
Kamesh Goyal, Chairman, Digit Insurance, said, “It is unfortunate to contract an infection for which treatments are still in the trial phases. Therefore, we are offering this as a flat benefit cushion cover, for both positive & quarantined cases. While for positive cases we pay 100 percent, a total of 50 percent of the sum insured is paid for quarantined cases so that even in the smallest way possible, it compensates for the loss of income during this period.”
This will be a fixed benefit cover, which means unlike other claims there is no requirement to produce hospitalisation bills.
For claims, the insured just needs to submit a certificate from a government medical officer to start the treatment for COVID-19 or a positive virology report from ICMR-National Institute of Virology – Pune, India.
