The Ministry of Health and Family Welfare has said that it would be providing a Rs 50 lakh insurance cover to all healthcare workers at the frontline of the battle against COVID-19. The policy will cover healthcare workers across grades which would include would include sanitation staff, doctors, Asha workers, paramedics and nurses.
Approximately 22 lakh insurance policies under this scheme will be issued by New India Assurance and sources tell CNBC-TV18 that New India Assurance is likely to garner approximately Rs 120 crore by way of premia. According to sources, each policy is likely to be priced between Rs 500-550 and this premium would be for a period of three months.
The insurance scheme will be funded through the health ministry’s NDRF (National Disaster Response Force) budget.
“Actual payment by the insurance company to the beneficiary will be under certification of the authorised central/state government officials and the insurance provided under the scheme would be over and above any other insurance cover being availed by the beneficiary," the ministry said.
Separately, sources told CNBC-TV18 that it’s unlikely that New India Assurance would require any reinsurance support for this particular insurance product as it does not expect a large number of claims under this policy.
First Published: Apr 3, 2020 2:36 PM IST
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