No Stopping on Renewing Short-Term COVID Health Plans- IRDAI

Short-term COVID-specific products such as Corona Kavach and Corona Rakshak health plans were introduced by the Insurance Regulatory and Development Authority of India (IRDAI) in 2020 to ensure that people have adequate health cover during the pandemic. While the cases continue to soar, the Regulator has directed the General and Health Insurance Companies in India to provide renewal of these short-term COVID plans to the policyholders. The extension of renewal is now till September 30, 2021.

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      Both Corona Kavach and Corona Rakshak health plans provide three policy tenure options i.e. 3.5 months, 6.5 months, and 9.5 months.

      However, with some insurance providers denying the policyholders for renewing their Coronavirus short-term health insurance policies, the IRDAI issued a press release to all the insurance companies to continue providing renewal benefits to their customers during the COVID-19 pandemic, as this is the need of the hour.

      In the wake of the second wave of COVID-19, the increasing number of cases force people to buy an adequate health insurance cover for coronavirus treatment. During such crucial times, it is not right to deny or reject policy renewals, said the IRDAI in a press release issued on May 10, 2021.

      The Insurance Regulator has also advised all insurance providers to make available all the COVID specific standard products that have been filed and approved by the IRDAI. All the products should be made available to customers as per the insurance provider’s underwriting policy. In the same way, provide the coverage if the underlying COVID-specific health scheme permits the policyholder to renew the policy. In such cases, the insurer should renew the coverage subject to their respective underwriting policies.

      Following the IRDAI directions, last year in 2020 all the health insurance companies in India came up with coronavirus-specific health plans. Where two main products i.e. Corona Kavach and Corona Rakshak as mentioned earlier were provided and continue to be sold to date.

      One is indemnity-based Corona Kavach health plan that covers COVID hospitalization expenses if the insured tests positive. The coverage provides is up to Rs 5 lakh. The cost of consumable items including PPE kits, oxygen cylinders, and ventilators is covered as well. You can also file a claim for home and Ayush treatment if suggested by the treating doctor.

      On the other hand, Corona Rakshak policy is a benefit-based product that pays out the sum insured in Lumpsum on a positive COVID report. The only difference is that the sum insured is up to Rs 2.5 lakh, and hospitalization is required for a minimum of 72-hours.

      Looking at the increasing rate of SARS CoV-2 infection, the renewal continues to be extended for any policy duration- be it 3.5 months, 6.6 months, and 9.5 months.

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      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881. Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. As per the Insurance guidelines, you are allowed to cancel the policy with-in 15 days from the date of Issuance of policy. For more details, please read the Plan Brochure carefully or talk to our advisor at the time of purchase.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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