Chola MS COVID-19 Cover

Chola MS COVID-19 Cover protects you and your family against COVID-19-related expenses. You don’t have to undergo any pre-acceptance health check-up to buy Chola MS COVID-19 Cover. There is also an option to cover family members including your spouse, parents and dependent children. Keep reading this page below and learn more about the benefits of the Chola MS COVID-19 Cover.

Chola MS COVID-19 Cover Benefits

If you or any other insured member is diagnosed with COVID-19 during the policy period, the insurer will pay a lump sum benefit equal to 100% of the opted sum insured as mentioned in the policy schedule. This benefit is provided to you as per the following conditions –

1. On positive diagnosis of COVID-19
2. Diagnosis should be done by authorized centers as declared by the Union Health Ministry of India
3. This is a one-time benefit and applies to the entire policy tenure
4. The policy shall terminate upon payment of this benefit

Chola MS COVID-19 Cover Optional Benefits

You can enhance the benefits of Chola MS COVID-19 Cover by adding any of the following optional covers –

Daily Cash Benefit

In consideration of your additional premium, the insurer will pay a daily cash benefit as mentioned in the policy schedule if you are hospitalized as an in-patient for the treatment of COVID-19 or you are in quarantine upon diagnosis of COVID-19. Daily Cash Benefit payable to you is subject to the following conditions –

1. The daily benefit is payable for every completed 24 hours of hospitalization or a quarantine for up to 15 days.
2. Quarantine must be confirmed by authorized centers as declared by the Union Health Ministry of India.

Exclusions from Daily Cash Benefits:

No benefit shall be payable under this benefit if the claim arises due to the following:

1. Self-Quarantine
2. Quarantine advised by any unauthorized testing center
3. Quarantine/Isolation at any unauthorized center
4. Self-Isolation during lock-down

Note – This benefit is over and above the base sum insured. And no cashless facility is available to you under this benefit.

Loss of Job Cover

The insurer will pay 50% of the chosen base sum insured per month in case of loss of Job due to COVID-19 diagnosis or quarantine for the same. This benefit is subject to the following conditions:

1. Quarantine must be advised by the authorized centers as declared by the Union Health Ministry of India.
2. You should be a permanent salaried employee of the organization and work on a full-time basis for a continuous period of 12 months.
3. The benefit under this cover is payable only once after the commencement of loss of job till the reinstatement of employment with the same employer or new employer or up to 3 months whichever is lower at the end of the continuous period of unemployment of 3 months.
4. This is a one-time benefit and applies to the entire policy tenure
5. Loss of Job Cover shall terminate upon payment

Exclusions from Loss of Job Cover:

No benefit shall be payable under this benefit if the claim arises due to the following:

1. Termination, dismissal or temporary suspension from employment for reasons other than COVID-19 diagnosis or quarantine
2. Unemployment at policy inception of the policy
3. Unemployment within the first 15 days from the date of inception

Note: This benefit is over and above the base sum insured.

Waiting Period

The insurance company is not liable for any claim arising due to COVID-19 within 16 days from the date of policy commencement.

General Exclusions from Chola MS COVID-19 Cover

The policy does not cover any losses caused due to the following:

1. If you already had signs or symptoms of COVID-19
2. Diagnosed and/or received medical advice or treatment for COVID-19 within the waiting period
3. Testing done at diagnostic centers other than the ones authorized in India
4. If you are tested positive for COVID-19 before the commencement of the policy
5. If you have COVID-19 in the past and fully cured
6. Diagnosis and treatment outside India
7. COVID-19 treatment taken on an OPD basis
8. If you have travelled outside India within the last 3 months
9. Treatment in any hospital or any other provider is specifically excluded. However, this exclusion will not apply in case of emergency hospitalization.

Free Look Period

You have a 15-day free look period from the date of receipt of the policy document where you can review the terms and conditions of the policy and return the same if not acceptable. On such cancellation, the company will refund you the paid premium after the deduction of medical tests, stamp duty charges and pro-rata premium from the policy start date till the date of cancellation.

Important Note

The base cover will stand terminated once the benefit is paid to the insured. However, optional covers shall continue till the expiry date as mentioned in the policy schedule or the occurrence of a claim under the optional cover.