Future Generali offers COVID-19 group insurance cover

Mid-sized private non-life insurer Future Generali on Thursday launched an exclusive group mediclaim product that does not require a medical test or travel history irrespective of the sum insured.

The new product is also open to all age groups (one-day to 75 years) and also does not require any past medical history or travel record, the company said on Thursday.

"The policy will provide a lump-sum benefit in case the insured is diagnosed or quarantined for a suspected sign, symptoms or infection of COVID-19 and covers everyone from an infant who is 1-day old to a senior citizen up to 75 years," said the statement.

"We've designed this coronavirus group insurance product in such a way that it will offer maximum help to the affected. If the policyholder is diagnosed with COVID-19 infection and is confirmed by a medical practitioner along with government or a WHO-approved lab then a lump sum benefit of 100 per cent of sum insured would be paid.

"To provide maximum benefit to our customers, no past medical history or travel record is required while purchasing our products," said Shreeraj Deshpande, chief operating officer, Future Generali India Insurance.

A lump sum benefit of 50 per cent of the sum insured will be paid if the policyholder is required to be quarantined at a government-approved hospital for at least 14 days for a suspected coronavirus infection. An additional benefit of 10 per cent of the sum insured will be paid to the quarantined persons towards incidental expenses, he added.