April 17: The Insurance Board has directed all stakeholder companies to issue coronavirus insurance scheme amid rising threats from the coronavirus pandemic.  

Till date, none of the insurance companies have any scheme to cover the risk of coronavirus.

The Insurance Board issued a circular on Thursday stating that the new insurance policy will be categorized into two groups.

In the first category, any person availing the insurance policy has to pay a premium of Rs 1000 for coverage up to Rs 100,000. Likewise, the insurance premium charge has been set up at Rs 600 if all members of the family subscribe to the insurance scheme.

In the second category, the board has introduced another insurance scheme worth Rs 50,000 per person. To register for the scheme, an individual has to pay a premium of Rs 500 per person or Rs 300 for each member of the family.

The scheme aims to cover people with low income affected by COVID-19, according to the board’s executive director Raju Raman Poudel.

“Our aim is to provide insurance facility to people from low income grout. Therefore, this scheme has to be available in every village,” Poudel told New Business Age.