ICICI Lombard gains after launching focused COVID-19 Protection Cover

The insurance policy on diagnosis of COVID-19 (+ve) will pay 100% of the sum insured irrespective of hospitalization expenses.

ICICI Lombard General Insurance Company in an exchange filing after market hours yesterday announced that they have rolled out a focused COVID-19 Protection Cover.

The company said that amid the contagious pandemic, this policy on diagnosis of COVID-19 (+ve) will pay 100% of the sum insured irrespective of hospitalization expenses. The launched insurance policy is in group insurance mode.

The company said, If a policyholder tests positive for COVID-19 at any of the Government authorized centers, 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 scope of cover shall be within the geographical boundaries of India and restricted to Indian nationals only.

The health cover of policy is priced at a premium of Rs 149 and provides a sum insured of Rs 25,000 including value added benefits. The insurance policy will cover all individualos across the age group of 18-75 years. The period of the policy is restricted to 1 year and the scope of the coverage is limited to the geographical boundaries of India. The cover also excludes people with travel history to any location overseas post December 31, 2019 and if the insured has been quarantined for suspected COVID-19 or diagnosed with COVID-19 prior to the risk inception date or within the initial 14-Day waiting period

Shares of ICICI Lombard General Insurance Company were trading 3.55% higher at Rs 1057.05 on BSE. Meanwhile, the S&P BSE Sensex was trading 0.02% lower at 28,282.51.

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