COVID-19 Group Insurance Policies | Fusion - WeRIndia

COVID-19 Group Insurance Policies

COVID-19 Group Insurance Policies

The outbreak of COVID-19 caused huge losses to many nations. Many individuals are worried about their finances due to loss of jobs or cut down in salaries.

In this context, the Insurance Regulatory and Development Authority (IRDA) issued guidelines to insurance companies to add COVID-19 under standard insurance policies.

Hence many insurers launched special plans for COVID-19 for both individuals and groups.

Here are things to know about these insurance policies:

  • Insurers like Religare and GoDigit launched group insurance plans that can be bought by companies for their employees.
  • Employees can use this insurance policy for COVID related hospitalization. The plan of GoDigit is priced at ₹1074 plus taxes for coverage of ₹3 lakh sum assured. The policy has a waiting period of 15 days. At the time of policy inception, the insured should not be suffering from certain health conditions, including diabetes, heart and lung diseases.
  • The Religare plan costs ₹500 plus taxes for ₹5 lakh individual sum insured. There is no waiting period for this policy. It does not have exclusions of non-COVID linked pre-existing diseases. The maximum age to obtain this policy is 65 years.
  • ICICI Lombard’s premium costs ₹135 plus taxes for coverage of ₹25,000. If the insured is diagnosed with the illness, he will be paid the sum assured as a lump-sum. The plan has a waiting period of 14 days. People who were quarantined or suspected with COVID-19 before the inception of policy are not covered. People in the age group of 18 to 75 years can buy this policy.
  • Star Health’s insurance policy costs ₹459 and ₹918 plus taxes for a sum insured of ₹21,000 and ₹42,000. It has a waiting period of 16 days and the amount will be paid only in the event of hospitalization. It does not have any travel history exclusions. People in the age group of 18 to 65 years can buy this policy.
  • Reliance’s plan pays a sum insured ₹2,00,000 for a premium of ₹2040 plus taxes. It has a waiting period of 15 days. Insured can be in the age group of 3 months to 60 years. It excludes travel history to restricted countries. It has many add-on features.

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