Bajaj Allianz General Insurance, Max Bupa, HDF Ergo and Bharti Axa are the companies that announced the pricing on their products on Friday and others are expected to follow suit.
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Last month IRDAI asked all insurance companies to start selling a specialized policy covering Covid-19 designed by the regulator. The policy works like a regular Mediclaim product but benefits are restricted to Covid-19 claims. Customers can opt for an add-on hospital cash cover. Since the policy is short-term ( 3 to 9 months) and is limited to a single ailment the pricing is much lower than a regular health cover.
Besdies hospitalisation, the policy cover includes treatment availed at home, AYUSH treatment, pre and post-hospitalization. All the features can be availed after a 15-day waiting period.
Speaking to TOI Gurdeep Singh Batra, head – Retail Underwriting, Bajaj Allianz General Insurance said that the product will be sold through all channels including online and banks and 99% of the customers will be eligible to buy without any queries in the form of medical underwriting by the insurance company. Only those with co-morbidities or advanced age might require to go through a check possibly through telemedicine.
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In the case of Bajaj Allianz, the lowest premium is Rs 447 for a Rs 50,000 sum insured for a customer up to the age of 35 years for 3.5 months. The premium rises with age and period. The same customer will have to pay Rs 745 for a 9.5-month policy which is the maximum period. For the maximum sum insured of Rs 5 lakh, the individual will pay Rs 1,320 with the premium rising to Rs 5,630 for those over 60.
“As of now, we are allowed to sell only up to March 2021. Beyond March it will be reassessed based on need and depending on the persistence of the pandemic. If there is a vaccine in the meantime the cover might not be needed,” he said.
Max Bupa’s premium for Rs. 2.5 lakh cover for an adult (31-55 years. age group) is around Rs 2200 and for 2 adults & children for the same age group, it is around Rs 4700.