Health Insurance 486 views July 15, 2021

Royal Sundaram COVID Secure Plan

Royal Sundaram COVID Secure Plan is a fixed benefit health insurance product that helps people deal with the financial loss they might face due to the Coronavirus disease. So, if you face a loss of income due to the pandemic caused by Coronavirus, this plan will act as an income protector for you. You can enjoy the benefits of this plan on an individual sum insured basis.

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Before we move to the next section, let’s look at the key features of this plan mentioned below.

  1. Multiple Sum Insured Options
  2. Fixed Benefit Coverage
  3. Annual Premium Payment Option
  4. One-year policy term
  5. Affordable Premium Amount
  6. A 5-day Turnaround Time for Claim Settlement
  7. A 30-day Initial Waiting Period
  8. A 15-day Free Look Period
  9. A Grace Period of 30 days for renewal

On this page, we will talk about these features in detail to help you understand Royal Sundaram COVID Secure Plan better. Let’s start.

Let’s Discuss the Features and Benefits of Royal Sundaram COVID Secure Plan in Detail

As we discussed earlier, Royal Sundaram COVID Secure Plan is an income protector plan for you. To know more about it, please check the detailed benefits and features mentioned below.

Flexible Sum Insured

Policyholders can choose from two options according to their convenience – INR 25,000 and 50,000

Coverage Benefit

During the policy period, if an insured person contracts and is diagnosed with Coronavirus (includes positive diagnosis after being quarantined), the plan will pay the sum insured as a lump sum amount with the following conditions.

  1. The company will pay the benefit only on a reimbursement basis.
  2. The positive diagnosis for Coronavirus should have happened in any government-designated laboratory in India, appointed for testing Coronavirus disease
  3. The insured person should have been admitted either as an in-patient to the hospital or quarantined in India resulting from Coronavirus disease. (Any self-declared quarantine will not be considered, and it should be certified by the designated authority).
  4. After the lump sum payment of the claim, the insurance under the policy shall cease to exist.
  5. The positive diagnosis in the test report for Coronavirus should be after the completion of the initial waiting period of 30 days.

Will There be Pre-Policy Medical Tests?

You don’t need to undergo any pre-acceptance medical tests before choosing the COVID Secure Plan. However, you will need to answer four medical questions asked in the proposal form before policy issuance.

What is the Policy Term?

The policy term stands for one year. You can renew the policy until this pilot product is offered. The maximum duration of this pilot product will be five years if it continues to be financially viable.

What is the Premium Amount?

The premium amount for the Royal Sundaram COVID Secure Plan will depend on the age of the insured person and the sum insured. To know more, check the below table.

Sum Insured Option (In INR)For People 21-65 years (In INR)For People above 66 years (In INR)

Important Note: Royal Sundaram will apply a risk loading of 20% on the premium payable if the insured person is on continuous treatment for diabetes in the last one year and has an average HbA1C reading of 7.2 or above.

Royal Sundaram COVID Secure Plan Eligibility Criteria

Please check the conditions related to the plan mentioned below.

  1. Minimum entry age for adults – 21 years
  2. Maximum entry age for adults – 65 years
  3. You cannot choose this policy on a family floater basis.

What is Not Covered Under the Plan?

Policyholders will not pay any coverage amount in the following situations.

  1. There is no in-patient hospitalization or quarantine (including home/institutional/government quarantine) in India.
  2. Any quarantine which is not certified by any competent authority
  3. For any other illnesses, sickness or disease than Coronavirus
  4. Any claim concerning Coronavirus contracted, manifested, or the onset of diseases or where the insured has tested positive for coronavirus before the commencement date of this policy or during the initial waiting period of 30 days
  5. Coverage in respect of foreign nationals working in India. However, this exclusion will not be applicable in respect of Overseas Citizenship of India (OCI) cardholders working in India.
  6. Following Old form of Coronaviruses –
    1. Human coronavirus Oc43 (HCoV-OC43), β-CoVb)
    2. Human coronavirus HKU1 (HCoV-HKU1), β-CoVc)
    3. Human coronavirus 229E (HCoV-229E), α-CoVd)
    4. Human coronavirus NL63 (HCoV-NL63), α-CoVe)
    5. Middle East respiratory syndrome-related coronavirus (MERS-CoV), β-CoVf)
    6. Severe acute respiratory syndrome coronavirus (SARS-CoV), β-CoV

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