Star Novel Coronavirus (COVID-19) Plan (Pilot Product)

Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy: Key Highlights

Coverage Offered

Under this Star health insurance, the following scope of coverage is offered:

• Lump-Sum Benefit: The policy is a fixed benefit policy. The insured is paid the selected cover, only if hospitalization is warranted, upon testing positive for Novel CoronaVirusfrom a Government Authorized Testing Centre. The cover is fixed as Rs 21,000, and Rs 42,000.
• Termination: It is already stated that the lump-sum benefit is payable only on receipt of a positive report for Corona infection. Upon payment of the benefit, the policy terminates.  

Inclusions of the Plan

One can buy Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy with a clear understanding that it is only a pilot product and shall run only its offered period. Thus, the scope and range of the policy are limited.

Exclusions of the Plan

The policy is designed specifically for COVID-19 infection. The exclusions in the policy are focused on it.

• Waiting Period: The policy has an initial waiting period of 16 days, during which no claim for contracting the infection will be entertained, and the insurer is not liable to pay the sum insured.
• Other Exclusions:  There are many Corona related exclusions in the policy. The insured must thoroughly consult the policy document for the detailed list. Some of the significant ones are enlisted below:
  • The cover is not available on a positive infection report dated before the policy inception.
  • A report from a non-Government unauthorized testing center will not be accepted as valid for the cover.
  • If no in-patient treatment is warranted in a Medical Practitioner's opinion, the claim will not be accepted regardless of the quarantine imposed for a positive infection.
  • Any in-patient treatment for non-COVID infection or any other ailment is not covered under the policy.
  • The insurer will pay no claim if the insured travels abroad during the policy term.

Features & Benefits of the Plan

The policy has the below features and benefits:

• Basis of Coverage: The offered sum insured is on an Individual basis.  
• Policy Term: The policy is offered for a term of one year.
• Premium: The two applicable premiums in the policy are Rs 299 and Rs 598, plus the GST.
• Renewal: The policy, as already discussed, is only a pilot product. Thus the renewal will be entertained as long as the product is offered.
• Tax Benefit: The premium for Star Health Insurance is tax-exempt under Section 80D of The Income Tax Act, 1961, provided the payment mode is other than cash.

Eligibility Criteria

One has to consider the following eligibility criteria to buy this policy:

Cancellation Terms of the Policy

The insurer can cancel the policy anytime on the grounds of non-cooperation by serving a 30-day written notice. Likewise, the insured can cancel the policy at any time. The refund for the former will be pro-rata premium, while for the latter, it will be based on the insurer's short period rate.