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Reliance launches coronavirus insurance scheme, offers up to Rs 2 lakh insured sum

Reliance launches coronavirus insurance scheme, offers up to Rs 2 lakh insured sum

It also offers 50 per cent of the sum insured to a quarantined person for the period of quarantine

Reliance General Insurance has launched a COVID-19 protection insurance scheme offering a lump sum of 100 per cent of the insured money if a person tests positive for coronavirus.

It also offers 50 per cent of the sum insured to a quarantined person for the period of quarantine.

"We have designed this product to reduce the financial implications this pandemic can bring to an individual, by offering them a lump sum policy, irrespective of the treatment cost," the company's Executive Director and CEO Rakesh Jain said.

The plan covers anyone between the age of 3 months to 60 years. The sum insured options range from Rs 25,000 to Rs 2 lakh.

According to the company, the policy period of the scheme is one year and the waiting period is of 15 days before a person can claim the money.

The plan has a few add-ons to offer. It will cover any pay cut or loss of job in addition to the base pay.

Another add-on is the 'Travel Exclusion Removal' option, which offers waiver on the 45-day travel exclusion policy. This enables the insured to claim 100 per cent of the sum insured against this plan.

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