The Insurance Regulatory Authority of India on 21st July 2020 has allowed health insurers to offer ‘Corona Kavach’ as a standard group insurance policy to help public and private sector companies and other business entities to provide insurance cover to their employees.
The insurers shall determine the price keeping in view the cover proposed to be offered subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations, 2016 and Guidelines notified there under. The group Corona Kavach Policy policy shall be filed on Use and File basis by duly complying with the norms specified in Chapter IV of Guidelines on product filing in health insurance business.
This standard group policy is expected to be useful to various private and public establishments for covering the Covid-19 related medical needs of their employees. It will also be extremely useful for various categories of frontline workers as groups. In case the group consists entirely of doctors, nurses or healthcare workers, a discount of 5% will also be available as a mark of recognition of their contribution in fighting the society’s battle against Covid-19.
The group policy can provide protection to a large number of employees engaged in manufacturing, services, SMEs, MSMEs, the logistics sector, migrant workers and bring peace of mind to them, their family members and the employers.
IRDAI has also directed all insurers to engage with their policyholders to disseminate information on precautions to be taken by them to protect themselves from infection.
Click here to read the notification.
