The produce requires a positive test report for Covid-19 conducted by ICMR Authorized test Centre in India from National Institute of Virology, Pune
Gallagher launches new medical insurance in India. (Credit: Pixabay/fernando zhiminaicela.)
American insurance brokerage giant Gallagher has launched Pandemic Group Insurance, a new product with comprehensive Covid-19 indemnity cover in India.
The new product has been directed for essential workers and front-line services including hospital and healthcare providers, food distribution and pharmaceutical manufacturers.
The product offers hospitalisation cover including ICU, road ambulance and access to a secondary medical opinion, the product includes access to all types of hospital ranging from private, government and military.
The sums offered under the policy range between INR50,000 ($660.8) to INR3m ($0.04m). The coverage is applicable only if the insured member(s) is/are diagnosed with and hospitalised solely for Covid-19 after an initial 15 day waiting period, with exclusions of travel and pre-existing health conditions being applicable.
Children below 18 years of age are also covered if either parent purchases the policy and will only cover treatment provided in the country.
New insurance from Gallagher is exclusive to the Indian market
The confirmed Covid-19 cases crossing 30,000 and the death toll of more than 900, the number of lives claimed by the virus in the country has been escalating in the recent weeks.
As per the company, the new insurance coverage is exclusive to the Indian market and requires a positive test report for Covid-19 conducted by ICMR Authorized test Centre in India from National Institute of Virology, Pune.
Gallagher international operations CEO Vyvienne Wade said: “Insurance is an instrument for social and economic good. Given the significant disruption and uncertainty that communities around the world are experiencing, insurance plays an integral role in maintaining business continuity. It is one way in which we can help clients to move forward with a degree of confidence at a time when the market is challenged by lockdown and travel restrictions.”
“Insurance products generally exclude pandemics, epidemics and infectious disease management in a commercial environment. As such, a COVID-19 specific solution for the India market presents a practical solution for the business community and our clients, and we are delighted to be able to reach this point.”