In the wake of coronavirus outbreak in the country, Reliance General insurance recently launched a COVID-19 insurance scheme. Anyone who tests positive for novel coronavirus will get the benefits under this new insurance policy.
Reliance General insurance offers a lump sum amount up to 100% of the sum assured if you test positive for the virus. Even if the person is quarantined, the plan offers 50% of the sum-insured for that period.
The plan covers anyone between the age of 3 months to 60 years. The sum insured options range from ₹25,000 to ₹2 lakh.
The plan has a policy period of one year and the waiting period is for 15 days before one can claim against the policy, according to a statement by the company.
"We have designed this product to reduce the financial implications this pandemic can bring to an individual, by offering them a lump sum policy, irrespective of the treatment cost," the company's Executive Director and CEO Rakesh Jain said.
As an additional benefit, the plan will also cover for any loss of pay or job.
The plan has an add-on option, 'Travel Exclusion Removal', which offers a waiver to the 45-day travel exclusion policy and enables the insured to claim 100 percent of the sum-insured if they test positive.
Earlier, PhonePe announced an insurance policy called 'Corona Care' in collaboration with Bajaj Allianz General Insurance.
Priced at ₹156, the policy will provide an insurance cover of ₹50,000 for people who are under 55 years of age and will be valid at any hospital that is offering treatment for COVID-19.
The total number of coronavirus cases in India surged to 7,447. The death toll also crossed 200-mark.