Global spread of Corona Virus

The coronavirus COVID-19 has affected 109 countries and territories around the world and 1 international conveyance (the Diamond Princess cruise ship harbored in Yokohama, Japan).

As on 09^th March 2020, total 1,11,318 persons are affected all around the world. Out of which 62,661 patients have recovered and deaths reported is 3,882 (i.e. 3.48%).

Number of affected persons are increasing day by day and in absence of vaccine, corona virus has now become a global health emergency.

Development in Insurance Sector worldwide

In Japan National Insurance is now covering corona virus testing. In india Digit introduces new corona virus products. Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines in their recent circular in respect of corona virus. Similarly other Insurers worldwide are gearing up to deal with corona virus.

IRDAI circular

According to a recent circular issued by IRDAI on 4 March, all coronavirus-related claims for insurance policies providing hospitalisation coverage are required to adhere to the following rules:

• If hospitalization is covered in a product, insurers shall ensure that the cases related to COVID-19 shall be expeditiously handled
• The costs of admissible medical expenses during the course of treatment including the treatment during quarantine period shall be settled in accordance to the applicable terms and conditions of policy contract and the extant regulatory framework
• All the claims reported under COVID-19 shall be thoroughly reviewed by the claims review committee before repudiating the claims.

At the same time, IRDAI has advised insurers to design products covering the costs of treatment for the coronavirus in order to meet various health insurance requirements.

Product by Digit Insurance   

Digit Insurance has introduced a new insurance product that allows a person to be insured against COVID-19 with coverage starting from INR 25,000 and as high as INR 2,00,000. Premium is INR 299 for the Sum Insured of INR 25,000. It covers following with initial waiting period of 15 days.

• Ongoing treatment: Lumpsum of 100% Sum Insured will be paid when the insured is tested positive for Corona Virus Diesease (COVID-2019)
• Quarantine Cases: Lumpsum of 50% Sum Insured will be paid f the insured is quarantined in government or military hospitals even if the Corona Virus Disease (COVID-2019) terst result later turns out to be negative

However, the policy excludes individuals who have travelled to countries affected by the coronavirus since 31^st December 2019 (China, Japan, Singapore, South Korea, Thailand, Malaysia, Hong Kong, Macau, Taiwan), or individuals who have been suffering from any respiratory related symptoms like severe cough, respiratory disease, breathlessness from last 4 weeks.

Please feel free to contact Beacon Insurance Brokers for any query or insurance product requirement. We are happy to talk and discuss.