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Standard insurance cover for Covid-19 to have max sum assured of Rs 5 lakh
04-Jun-20   09:24 Hrs IST

Insurance companies are working on a standardised insurance product for Covid-19, with the sum assured ranging from Rs 1-5 lakh. This follows the insistence of the regulator, and directions issued by the General Insurance Council (GI Council) - the apex body of non-life insurers.

The product needs to be offered mandatorily from June 15, and insurers have been given time till June 4 to come up with recommendations, said people aware of the development.

In view of the disparity in claims, the Insurance Regulatory and Development Authority of India (IRDAI) recently asked the GI Council, to come up with ideas for a standard cover.

Though the council is yet to submit its views, industry sources say insurers are proposing the cover for people in the age group of 18-65. Unlike other health policies that mostly cover hospitalisation expenses alone, the specialised cover is likely to include the cost of treatment during quarantine and payment of cash for incidental expenses.

"The standard cover for Covid-19 can have two add-on covers - quarantine cover, and hospital daily cash. If the insured person is quarantined due to diagnosis or suspected infection of Covid-19, the company will pay 1% of the sum assured per day, subject to a maximum of Rs 3,000," said the draft guidelines.

Similarly, the company will pay 0.5% of the sum assured per day for every completed 24 hours of hospitalisation, on positive diagnosis of the disease.

Factors such as isolation of patients in hotels are normally not covered under normal health policies. However, with Covid demanding such line of preventive measures, IRDAI has called for inclusion of such clauses in the standard Covid product, said a public sector insurance executive.

Room, boarding, and nursing expenses will be capped at Rs 5,000 a day and intensive care unit expenses at Rs 10,000, while ambulance charges will have a maximum limit of Rs 2,000 per incidence of hospitalisation, according to the draft.
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