Amid the growing impact of the global pandemic COVID 19, the Indian Regulatory and Development Authority of India has issued guidelines to all the general and health insurance companies in India to provide individual COVID Standard Health Insurance Policy to people. As per the guidelines 'Corona Kavach Policy' & 'Corona Rakshak Policy' need to be issued on or before 10 July 2020. The product is designed to ensure:
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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|Coverage||Policy to offer coverage on family floater basis as well|
|Category of Cover||
Base Cover: Indemnity Basis
Optional Cover: Benefit Basis
|Policy Period||3.5 months, 6.5 months, and 9.5 months including the waiting period|
|Minimum and Maximum Sum Insured||
Minimum Sum Insured: Rs 50,000
Maximum: Rs 5 Lakh
|Modes of premium payment||Single|
Minimum entry age: 18 years
Maximum entry age: 65 years
Dependent Child / children: Day 1 to 25 years
|Pricing||The premium should be on PAN India basis with no zone-based or geographic location-based pricing|
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The policy shall pay for the hospitalization expenses incurred by the policyholder for COVID treatment in a government authorized diagnostic centre. It includes the following medical expenses
The insurance provider shall cover the cost of COVID treatment at home up to 14 days provided:
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The policy shall cover pre-hospitalization expenses incurred 15days before the date of hospitalization/home treatment including the cost of diagnosis as per the admissible claim. It shall also cover 30 days of post-hospitalization expenses.
Ayush hospitalization expenses (as per the IRDAI Health Insurance Regulations, 2016) systems of medicine for the treatment of COVID on Positive diagnosis of COVID in a government authorized diagnostic centre shall be covered up to the Sum Insured without any sub-limits.
The insurer shall pay 0.5% of the sum insured amount on daily basis for hospitalization required for 24 hours for treatment of COVID up to a maximum of 15 days during the policy term.
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