Home / India News / ‘Corona Kavach’: IRDAI asks insurance companies to offer health policy for Covid-19 by July 10
Insurance Regulatory and Development Authority (IRDAI) has asked all life, general and health insurance companies to offer two health policies for Covid-19 from July 10 as the cases of the coronavirus disease (Covid-19) have surged in the country.
Both of the policies have been designed by IRDAI.
“General and Health Insurers shall ensure that this product is compulsorily offered on or before 10th July, 2020,” the IRDAI guideline said.
According to the guidelines issued by the insurance regulator on Saturday, general and health insurance companies will have to offer one short-term Covid-19 policy—Corona Kavach Policy—which will be a standard health policy.
The Corona Kavach Policy would have tenure period ranging from three and half months to six and a half months, and nine and a half months.
The mode of payment would be a single premium, the guidelines said.
“The premium under this product should be pan India basis and no geographic location/zone based pricing is allowed,” it said.
The policy would also include the cost of treatment for any comorbidity or pre-existing disease along with the treatment of Covid-19.
The second one, Corona Rakshak, is a standard benefit policy.
According to the guidelines, the minimum sum insured for the Corona Kavach Policy will be Rs 50,000 and the maximum Rs 5 lakh. While in the Corona Rakshak Policy, the minimum sum insured is 50,000 and the maximum limit has been set at Rs 2.5 lakh.
Expenses for hospitalisation, home care treatment, AYUSH treatment and pre- and post-hospitalisation, will also be covered in both the policies. At home, treatment would be covered for up to 14 days per incident, according to the IRDAI guidelines.
India on Sunday recorded the highest surge in Covid-19 infections in the last 24 hours as it reported 19,906 new patients, which took the final tally to 528,859. The number of people succumbing to the disease stood at 16,095 with 410 new deaths.
(With agency inputs)