FGII introduces an exclusive Coronavirus group insurance product

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March 26, 2020: Future Generali India Insurance Company Limited (FGII), the general insurance arm of the joint venture between retail giant Future Group and global insurer Generali, announced the launch of an exclusive Coronavirus group insurance product.The policy will provide a lump sum benefit in case the insured is diagnosed or quarantined for a suspected sign and symptoms/or infection of COVID-19. Amid the contagious pandemic, the product offers cover for everyone from an infant who is 1 day old to a senior citizen upto 75 years of age.

It is a filed group health insurance product as defined by IRDAI guidelines.

Dr.Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance said, “It is very important for all of us to come together and protect the citizens against this virus infection. We have designed our coronavirus group insurance product in such a way that it will offer maximum help to the affected. If the policyholder is diagnosed with COVID-19 infection and is confirmed by a medical practitioner along with government/ a WHO-approved lab then a lump sum benefit of 100% of Sum Insured would be paid. To provide maximum benefit to our customers, no past medical history or travel record is required while purchasing our product.”

A lump sum benefit of 50% of sum insured will be paid, if the policyholder is required to be quarantined at a Government/Government approved hospital for at least 14 days for a suspected COVID-19 infection. An additional benefit of 10% of the sum insured will be paid to quarantined persons towards incidental expenses.