ICICI Lombard a private sector non-life insurance company has launched a 1 year-long “COVID-19 Protection Cover”. This policy will pay 100% of the sum insured to the COVID-19 positive individual, irrespective of hospitalization expenses. The insurance policy is in group insurance mode. It will provide value-added benefits such as Health Assistance and CHAT/Virtual assistance, teleconsultation and ambulance assistance, as part of the offering.
Important key points of the policies:
- The health cover of policy is priced at a premium of Rs 149 and provides a sum insured of Rs 25,000 including value-added benefits.
- The insurance policy will cover all individuals across the age group of 18-75 years.
- The period of the policy is restricted to 1 year and the scope of the coverage is limited to the geographical boundaries of India.
- The cover also excludes people with travel history to any location overseas post-December 31, 2019 and if the insured has been quarantined for suspected COVID-19 or diagnosed with COVID-19 prior to the risk inception date or within the initial 14-Day waiting period.
- The policy is introduced on the lines of ICICI Lombard’s ethics of “Nibhaaye Vaade” (Keeping Promises) to introduce industry-first initiatives for its customers.
Important takeaways for all competitive exams:
- Headquarters of ICICI Lombard: Mumbai.
- MD & CEO of ICICI Lombard: Bhargav Dasgupta.