New Delhi: Given the fast rising cases of COVID-19, all insurance companies, including general and health, will start selling corona health insurance policies with uniform features, terms and conditions across the country from July 10.
The Insurance Regulatory Development Authority of India (IRDAI) has announced the guidelines for the two standard COVID-19 health insurance policies — ‘Corona Kavach’ and ‘Corona Rakshak’.
Corona Kavach
This will be a standard policy that will cover the cost of treatment of any co-morbid condition, including pre-existing conditions, along with the treatment for COVID-19.
Those between 18 and 65 years of age can buy this product. Parents can also be covered under this product. This will be a single premium, limited period policy without any lifelong renewability benefit.
The minimum sum insured for Corona Kavach Policy will be Rs 50,000 and the maximum sum insured would be Rs 5 lakh.
Corona Rakshak
This single-premium plan will pay out 100 per cent of the sum insured if the policyholder is hospitalised, at least for 72 hours, after testing positive for COVID-19.
The minimum sum insured would be Rs 50,000 and the maximum limit is set at Rs 2.5 lakh.
Also Read: IRDAI Allows Insurers To Sell Short-Term Health Policies Covering COVID-19
