By Jimmy John
Future Generali, a private non-life player in India has launched a group medical insurance policy that also covers COVID-19. The insurance policy will provide a lump-sum benefit in case the insured is diagnosed or quarantined for a suspected sign, symptom or infection of COVID-19.
Past medical history not considered
The policy does not require a medical test or travel history irrespective of the sum insured and is open to all age groups from up to 75 years old. The company has designed the product in such a way that it will offer maximum help to the affected.
The policyholder, if diagnosed with COVID-19 infection and confirmed by a government-approved medical practitioner or a WHO-approved lab, will be paid a lump sum benefit of 100% of the sum insured.
The company will pay a lump sum benefit of 50% of the sum insured if the policyholder is required to be quarantined at a government-approved hospital for at least 14 days for suspected coronavirus infection. An additional benefit of 10% of the sum insured will be paid to the quarantined persons towards incidental expenses.
Asia Insurance Review