The Insurance Regulatory and Development Authority of India on 10th July 2020 has mandated general and health insurers to offer the indemnity based Individual COVID Standard Health Policy called “Corona Kavach”. The regulator has allowed 30 General and Health Insurance Companies to market the Policy.
Key highlights of “corona kavach”
- The policy will be available for three and half months (3 ½ months), six and half months (6 ½ months), nine and half months (9 ½ months) including the waiting period of 15 days.
- The Base Cover of Covid Standard Health Policy shall be offered on indemnity basis whereas Optional Cover shall be made available on Benefit Basis.
- The policy will also cover any co-morbid condition triggered due to Covid-19 during the period of hospitalization
- For the purpose of this policy, any set-up designated by the government as a hospital for the treatment of COVID shall also be also considered as hospital.
- The Policy can be availed by persons between the age of 18 to 65 years.
- Further, the Policy is be availed for Self, Spouse, Parents, Parents-in-law and Dependent Children up to 25 years of age
- The minimum sum insured under the Corona Kavach Policy will be ₹50,000 and the maximum sum insured will be ₹5 lakh, and shall be in the multiples of ₹50,000.
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