Insurers Can Sell Corona Kavach Policy as Group Insurance - IRDAI
In a recent announcement, the Insurance Regulatory and Development Authority of India (IRDAI) permits both standalone health insurers and general insurers to offer Corona Kavach Policy as a group insurance policy. Soon, other organizations and companies will be able to buy Corona Kavach health insurance policy for their workers and employees. As per the insurance providers, this individual short-term indemnity policy is getting a good response from the people since it’s after July 10. All the 30 insurance companies have started offering this policy.Read more
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Amid a spurt in COVID-19 cases in India, IRDAI has now allowed health insurers to offer this Corona Kavach health insurance policy as a standard group insurance product to help business entities, public and private sector companies to provide medical insurance cover to their employees. If sold as a group policy, it can offer health protection and peace of mind to a large number of employees (and their families) who are engaged in logistics sector manufacturing companies, migrant workers, workers in SMEs, and MSMEs.
In their circular, the Insurance Regulatory and Development Authority of India (IRDAI) mentioned that standard corona kavach group policy is likely to be useful to several public and private establishments for covering coronavirus-related medical needs of their employees. Additionally, when sold as a group health insurance policy it will also be useful for different categories of frontline workers.
And if any hospital or medical facility wants to buy the corona Kavach group insurance policy for their healthcare workers, nurses, and doctors, then they will be able to avail a discount of 5 percent on the premium. This is a gesture in recognition of their contribution towards the COVID-19 battle.
The terms and conditions of this standard corona Kavach group policy will be similar to the policy for individuals that has recently been launched by general and health insurers in India. The policy term options for short-term Corona Kavach policy are 3.5 months, 6.5 months, and 9.5 months and the coverage amount ranges from Rs 50,000 to Rs 5 lakh.
IRDAI has permitted the insurers to use this standard product name for the group policy after adding the word "group" and all policy terms and conditions applicable to the standard individual product shall remain the same except for the premium rate and specification on the operation of group policy.
The regulator has also directed all the general insurance companies to engage with their policyholders to circulate information regarding COVID-19 safety and precautions.