Following insurance regulator IRDAI’s proposal for all insurers in India to offer a benefit-based coronavirus-specific product by the end of this month, private sector non-life insurer ICICI Lombard has added home care benefits and other COVID-19-specific features to its existing health products that cover the costs of treatment.
For new customers, the insurer has also cut down the waiting period from 30 days to 15 days for coronavirus-related claims with no increase in premiums according to a report from local publication Business Line.
This reduced waiting period is applicable to all the health policies that the company offers. However, claims related to other illnesses will still have a 30-day waiting period.
Under new home health care benefits, ICICI Lombard‘s policyholders will be covered under health policies if they get themselves treated at home and not hospital due to concerns pertaining COVID-19. However, this coverage is subject to guidelines specified by the health ministry and the state authorities.
Commenting on the new benefits, ICICI Lombard executive director Sanjeev Mantri said that enquiries for health insurance have gone up significantly as people are more aware about the coronavirus.
He noted that for 80-85% of coronavirus cases, patients do not require hospitalisation which means that there is enough data available to price the standard COVID-19 product.