In view of the COVID-19 pandemic, the Insurance Regulatory and Development Authority of India (IRDAI) has designed a standard COVID specific product called the Corona Kavach. All General and Health Insurers must mandatorily offer this indemnity based Individual Covid Standard Health Policy.
The IRDAI has in a press release dated July 10, 2020 also listed out the key features for this policy:
1. Type of Cover –
a. Base Cover on Indemnity Basis- Covid Hospitalization cover
b. Optional Cover on Benefit Basis- Hospital Daily Cash
2. Sum insured – Rs 50,000/- (Fifty Thousand) to 5,00,000/- (Five Lakh) (in the multiples of fifty thousand)
3. Waiting Period -15 days
4. Policy Period – Three and Half Months (3 ½ months), Six and Half Months(6 ½ months), Nine and Half Months (9 ½ months) including waiting period.
5. Eligibility – Policy can be availed by persons between the age of 18 to 65 years. Policy can be availed for Self, spouse, Parents, Parents-in-law and Dependent Children up to 25 years of age.
6. Hospitalization Expenses – Medical Expenses of Hospitalization on diagnosis of Covid shall be admissible
7. Pre Hospitalization Expenses – 15 days
8. Post Hospitalization Expenses – 30 days
9. Sub-limits –
a. Home care treatment: Maximum upto 14 days per incident.
b. Ambulance Charges: Rs.2000/- per hospitalization.
c. Optional Cover of Hospital Daily Cash: 0.5% of Sum Insured per day subject to maximum of 15 days in a policy period for every insured member.
10. Home Care Treatment Expenses – Cost of treatment incurred by the Insured person on availing treatment at home for Covid on positive diagnosis up to 14 days per incident, which in the normal course would require care and treatment at a hospital but is actually taken while confined at home.
11. Premium payment – Single Premium
12. Hospital – For the purpose of this policy any set-up designated by the government as hospital for the treatment of Covid shall also be also considered as hospital.
13. Co-morbidities – Any co-morbid condition triggered due to Covid-19 shall be covered during the period of hospitalization.
The press release also lists out the names of the General and Health Insurance companies which have been granted clearance by IRDAI to market the Corona Kavach Policy.
Source: Insurance Regulatory and Development Authority of India
