CoronaVirus Insurance by Digit

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There are confirmed cases of Coronavirus in India till 4th March 2020. Thus the regulator IRDAI on 4th March 2020 had asked the insurance companies to come u with the insurance policy, especially for coronavirus. While searching insurance policy on Google, I found only 1 company that has come up with the insurance plan. Today, in this article we will discuss everything about the CoronaVirus Insurance by Digit.

What is CoronaVirus?

As per the WHO, the coronavirus are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as MERS-CoV and SARS-CoV.

Coronaviruses are zoonotic, meaning they are transmitted between animals and people. Several known coronaviruses are circulating in animals that have not yet infected humans.

Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death. 

Standard recommendations to prevent infection spread include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. Avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing.

Read Also: Cancer Insurance Policy

CoronaVirus Insurance by Digit

Digit insurance company has launched the insurance policy, especially for coronavirus. This has come after the IRDAI has asked the insurance companies to launch an insurance policy to cover coronavirus.

Since the existing health insurance policies do not include the coronavirus as a disease, and more and more people are getting affected by the life-threatening virus, it is inevitable to have the insurance policy which covers the risk.

Features of CoronaVirus Insurance by Digit

  • The sum assured will be from ₹ 25000 to ₹ 2 lakhs at the max.
  • Age criteria for opting for this policy are between 18 to 60 years.
  • The claim can be made on the confirmation of a positive test of coronavirus by any of the authorized centers.
  • This is an individual sum assured policy, so each family member will be covered for the insured amount.
  • There is a waiting period of 15 days.
  • The insurance policy is valid for 1 year from the date of purchase.
  • The policy cannot be renewed
  • The treatment cost incurred in India only will be eligible for the claim.
  • You can claim this policy along with your existing medical policy.
  • The premium starts from as low as ₹. 299/year.
  • Cashless claims are not allowed under this policy.

Here is what you get in coronavirus insurance by Digit.

Fixed benefit cover: You don’t need to produce hospitalization bills at all. The claims will be settled directly by confirming the person is affected by the coronavirus.

No hard copies of bills: You don’t need to provide a hard copy of bills and other prescriptions. The claims will be settled with the soft copies of the bills and confirmation from the hospital.

Coverage up to ₹. 2 Lakhs: Individual has a choice of selecting the coverage amount up to ₹. 2 lakhs per person.

CoronaVirus Insurance by Digit

The policy covers two types of treatments of coronavirus.

On-Going Treatment

The person insured will get the full sum insured amount on the confirmation of the positive report of coronavirus by any of the authorized centers of ICMR – National Institute of Virology, Pune.

Quarantine Cases

If the person insured is hospitalized in any of the government or military hospitals for at least 14 consecutive days and is quarantined by the government due to the coronavirus, then a 50% lump sum amount of the sum insured will be given by Digit to the person/family. This is irrespective of if the coronavirus disease is, later on, found negative.

Limitations of CoronaVirus Insurance by Digit

You must consider the below points before making a purchase decision on coronavirus insurance by Digit.

  • The policy has a waiting period of 15 days.
  • It doesn’t cover any pre-existing diseases.
  • This is a limited period policy – available for 1 year only.
  • The policy cannot be renewed.
  • The policy doesn’t cover the people who have traveled places like China, Japan, Singapore, South Korea, Thailand, Malaysia, Hong Kong, Macau, Taiwan, Italy, Iran, Kuwait and Bahrain since December 1, 2019
  • Quarantine at home is not allowed under this policy.
  • Cashless facility is not available.
  • The upper age limit is 60 years.

FAQs – CoronaVirus Insurance by Digit

What are the criteria for claiming this policy?

You can claim this policy when you are tested as positive for coronavirus by any of the authorized centers.

What is the maximum sum insured amount under this policy?

The maximum sum insured amount for this policy is ₹ 2 Lakhs.

Can I include my family members under this policy?

Yes, This is a family floater policy. You can add your family members by just paying a premium.

Is there any waiting period for this policy?

Yes, there are 15 days of the waiting period under this policy.

Is the claim that can be done if the quarantine is done at home and not a the hospital?

No, the quarantine must be at the authorized government or military hospitals across India.

What is the policy period?

The policy period is for one year only. If the claim is made then the policy gets terminated after the claim is settled.

Can I claim if the treatment is done outside India?

No, the treatment must be done in India in order to get the claim under this policy.

Is there a cashless coverage available under this policy?

No, there is no cashless coverage for this policy.

Is this policy cover any pre-existing diseases?

No, It will not cover pre-existing diseases.

Conclusion:

This policy comes under the “need-based insurance” category of the IRDAI under the sandbox regulations. The status of the coronavirus is unknown and nobody knows what will be the future impact of this disease.

So, if you are living in a threat prone area and want to secure yourself and family financially against the cost of the treatment, then you should go and buy this product. The policy premium starts as low as ₹ 299 and a maximum of ₹ 2400 approx.

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