The recent pandemic has necessitated the Insurers to redesign their products to meet the challenge posed by Novel Corona Virus (COVID-19). The Chola MS COVID-19 Cover is one such specialized health insurance that protects the insured from financial burden in an emergency while providing quality healthcare.
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Chola MS COVID-19 Cover Insurance Policy delivers a lump-sum cover for both the individual and the family when diagnosed with COVID-19 during the policy term. It also provides coverage for specific needs and woes suffered by the Insured afflicted by COVID-19.
The Chola MS COVID-19 Cover Health Insurance is different from other health insurance products due to the exceptional circumstances it has been rolled out. The primary coverage provides the Insured to mainly reduce the financial burden when diagnosed positive for Novel Coronavirus.
The Insured is free to choose the amount of Sum Insured in options of Rs 10,000, Rs 20,000, Rs 30,000, Rs 40,000, and Rs 50,000 to be disbursed as a Lump-sum in the event of a positive diagnosis.
o Daily Cash Benefit: The insured gets the benefit of daily cash for every completed 24 hours block of hospitalization or quarantine for suspected COVID-19 for up to 15 days. The amount payable to the Insured is Rs 250, Rs 500, Rs 750, and Rs 1000, over and above the Base Cover Sum Insured.
o Loss of Job: The Insured gets an additional benefit of 50% of the opted Base Sum Insured per month for max 3 months on the confirmed diagnosis of COVID-19, resulting in job loss for hospitalization or quarantine.
Before buying the Chola MS COVID-19 Cover, the policyholder must check the intricate details thoroughly:
The Insured can buy Chola MS COVID-19 Cover for the Self and the family members comprising Spouse, Parents, and up to 2 Dependent Children from 3 months to 25 years of age on an Individual Sum Insured basis. While the policy can help cover individuals from 3 months to 65 years, the proposer must be over 18 years of age.
The Base Sum Insured is paid to the Insured on the diagnosis of Novel Coronavirus depending on the chosen cover amount.
The Insured can choose Daily Cash Benefit and Loss of Job as an optional cover on additional premium payment.
The insured must compulsorily check for the exclusions in the policy to obviate unnecessary hassles in claim settlement. Thus, an indicative list of exclusions is described below. The Insured must consult the policy document for greater clarity.
The Chola MS COVID-19 Cover Health Insurance policy cover does not extend to any losses caused by the following:
The Chola MS COVID-19 Cover Health Insurance has the following features described in a nutshell:
In order to buy this policy, the following eligibility conditions have to be fulfilled:
Individual Policy with a family cover
Minimum Entry Age
Maximum Entry Age
Adults: 65 years
For children: 25 years
Number of people covered
Spouse, Dependent Children up to 2 and Parents (on Individual Sum Insured Basis)
Residents of India, including citizens and permanent residents
Specific cancellation policy for the Chola MS COVID-19 Cover Insurance Policy has not been stipulated. However, the insured can get in touch with the insurance company regarding the same.
Ans: The family comprises Spouse, Parents, and up to 2 Dependent Children for cover on Individual Sum Insured basis.
Ans: It is a family of viruses that infects humans and animals with respiratory distress, like MERS, SARS, and COVID-19.
Ans: No, the person is not eligible for the Policy.
Ans: Yes, the policy can be purchased online at the insurer portal.
Ans: The valid test is called RT-PCR in India.
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