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Private sector non-life insurance company ICICI Lombard has launched a focused policy for coronavirus (COVID-19), which will pay the entire sum insured irrespective of hospitalisation expenses.
If a policyholder tests positive for COVID-19 at any of the Government-authorised centres, the company will pay out the entire sum insured, in a lump sum in the event of a first diagnosis of COVID-19 during the policy period, subject to an initial waiting period of 14 days, the company said in a regulatory filing.
The scope of the cover shall be within the geographical boundaries of India and restricted to Indian nationals only, it said, adding the policy has been launched in group insurance mode.
The health cover comes with a premium of ₹149 and provides a sum insured of ₹25,000.
“In the light of the coronavirus pandemic, a specially-designed insurance cover was the need of the hour. Keeping this in mind, at ICICI Lombard, we have introduced this unique cover to help them in their endeavour. Our COVID-19 protection cover policy will provide financial support to coronavirus-infected cases,” Sanjay Datta, Chief – Underwriting, Claims & Reinsurance at ICICI Lombard, said.
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