Corona Kavach is an indemnity-based individual Covid-19 standard health policy that is being offered by a list of 30 general and health insurers
IRDAI mandates launch of the Corona Kavach policy across India. (Credit: mattthewafflecat from Pixabay)
Amid rapidly surging cases of coronavirus in India, various insurance companies in the country have launched Corona Kavach, a new health insurance policy as mandated by the Insurance Regulatory and Development Authority of India (IRDAI).
The Indian insurance regulatory body said that it had designed a standard insurance product specifically for Covid-19, which will address the basic health insurance requirements of insuring the citizens with common policy wordings across the industry in India.
According to the regulator, Corona Kavach is an indemnity-based individual Covid-19 standard health policy that is being offered by a list of 30 general and health insurers.
Some of the insurers, who have been approved to market the product include Tata AIG General Insurance, Reliance General Insurance, Max Bupa Health Insurance, Bharti AXA General Insurance, National Insurance, Bajaj Allianz General Insurance, Future Generali India Insurance, and others.
Details of the Corona Kavach policy
The new coronavirus insurance product will be available both on an individual and family floater basis, said IRDAI. It can be availed by those in the age group of 18-65 years.
IRDAI has set the minimum sum insured for the Corona Kavach policy at INR50,000 ($664.8m) and the maximum sum insured at INR0.5m ($6648.6), in the multiples of 50,000.
The policy period is three and a half months, six and a half months, and nine and a half months, which includes the waiting period of 15 days.
IRDAI said that there will be two types of cover for the Corona Kavach policy, one being a base cover on indemnity basis-Covid hospitalization cover, and the other an optional cover on benefit basis-hospital daily cash.
The regulator said that medical expenses of hospitalisation on the diagnosis of coronavirus will be admissible.
IRDAI stated: “For the purpose of this policy any set-up designated by the government as hospital for the treatment of Covid shall also be also considered as hospital.”
The new Corona Kavach policy will also cover the expenses incurred for treatment at home of the infection, for a period of up to 14 days. This is subject to the patient undergoing an active line of treatment as per the advice of a medical practitioner besides other conditions.