With the number of positive cases rising every day in India, private non-life player ICICI Lombard has launched what it says would be the cheapest COVID-19 cover in the market.
The ‘COVID-19 Protection Cover’ offers cover to individuals between 18 and 75 for a sum insured of $330 for a premium of $2.
According to the insurer, one of the terms and conditions of the policy is that there shall be no foreign travel in past three months by the policyholder.
Under the terms of th cover, any policyholder, that tests positive for COVID-19 at a government-authorised testing centre, will receive the entire sum insured amount in a lump sum irrespective of hospitalisation expenses, subject to an initial waiting period of 14 days.
The cover excludes people with travel history to any location overseas after 31 December 2019.
Another exclusion under the cover is that no policy benefit can be availed if the insured has been quarantined for suspected COVID-19, or diagnosed with COVID-19, before the risk inception date, or within the initial 14-day waiting period. The scope of cover has been restricted to Indian nationals only and shall be within the geographical boundaries of India. The period of the policy is restricted to one year and comes with value-added benefits such as health assistance and CHAT/virtual assistance, tele-consultation and ambulance assistance.