Guidelines on COVID Standard Health Policy for all general and health insurers (except ECGC & AIC)

The Insurance Regulatory and Development Authority of India (“IRDAI”) on 26th June, 2020 has issued Guidelines on COVID Standard Health Policy for all general and health insurers (except ECGC & AIC).

In view of the global pandemic COVID-19, IRDAI has decided to mandate all general and health insurers to offer Individual Covid Standard Health Policy to address basic health insurance needs of the public w.r.t. to COVID and to have a standard product with common policy wordings across the industry.

Key Highlights –

1. All general and health insurers will offer the Covid Standard Health Policy by duly complying with the these guidelines.

2. The Covid Standard Health Policy will have One Basic mandatory cover as specified in these Guidelines which will be uniform across all General and Health Insurers.

3. The Insurer may determine the price keeping in view the covers proposed to be offered subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations, 2016.

4. The Base Cover of Covid Standard Health Policy shall be offered on Indemnity basis whereas Optional Cover shall be made available on Benefit Basis.

5. The COVID Standard Health Policy will offer a policy tenure of three and half months, six and half months and nine and half months including waiting period.

6. The Covid Standard Health Policy shall comply with all the provisions of Insurance Regulatory and Development Authority of India (IRDAI) (Health Insurance) Regulations, 2016 all all other applicable Regulations and Guidelines laid down by IRDAI.

7. The COVID Standard Health Policy will offer a base cover which will include hospitalization expenses, home care treatment, AYUSH treatment, pre and post hospitalization expenses. In addition to this an optional cover will also be offered .

8. The nomenclature of the product will be Corona Kavach Policy, succeeded by name of insurance company, (Corona Kavach Policy, ). No other name is allowed in any of the documents.

9. General and Health Insurers will ensure that this product is compulsorily offered on or before 10th July, 2020.

10. Every insurer offering Corona Kavach Policy shall provide a certificate of insurance to the policyholder indicating the availability of health insurance coverage. The certificate shall have a reference to access detailed terms and conditions of the policy contract. Insurers shall also clearly mention policy period (Policy Start Date to Policy End Date), effective policy period (from end of waiting period to end of policy period), waiting period (policy start date to end of policy period) in the Certificate of Insurance.

 

Source : Insurance Regulatory and Development Authority of India

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