'Corona Kavach' Amid Pandemic! Here's Why You Must Consider Taking Covid-19 Health Insurance Policies

IRDAI has mandated general and health insurers to offer indemnity based Individual Covid Standard Health Policy called 'Corona Kavach'.

(Representative Image/ Getty)

New Delhi: Ever since the outbreak of novel Coronavirus, India has been witnessing a continuous surge in the number of infected cases. As per the Ministry of Health and Family Welfare, the country recorded the worst-ever single-day spike with nearly 70,000 new Covid-19 cases on Thursday, August 20. The daily health bulletin states that the Covid-19 tally in the country rises to 28,36,926 including 6,86,395 active cases and 53,866 deaths so far. In view of the Covid-19 pandemic, the Insurance Regulatory and Development Authority of India (IRDAI) has designed a standard Covid-19 specific product addressing basic health insurance needs of insuring public with common policy wordings across the industry. The authority has mandated general and health insurers to offer this indemnity based Individual Covid Standard Health Policy called 'Corona Kavach'. As per the instructions, the 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. For the purpose of this policy any set-up designated by the government as hospital for the treatment of Covid-19 shall also be also considered as hospital. Moreover, the policyholders are entitled to cashless facility at all such network providers (hospital) with whom the Insurance company/TPA has entered into an agreement in accordance to the norms of SLA. In the event of denial of cashless facility at any such enlisted network providers (hospitals) the aggrieved policyholders may send a complaint to the concerned insurance company. As a gesture of acknowledgment of the contribution of healthcare sector in the nation’s fight with Covid-19, the insurance companies will provide a 5 per cent discount in premium of 'Corona Kavach' to doctors, nurses and other healthcare workers, in terms of the guidelines issued by IRDAI. It can be recalled that IRDAI stipulated to all general and health insurers to offer standard individual health insurance policy called 'Arogya Sanjeevani' Policy to the public from April 1, earlier this year. The terms and conditions of the policy are the same across insurers except that premium rates are left to be fixed by the insurers. Now, IRDAI has also allowed the insurers to offer the same standard policy also as a group policy under the same name 'Arogya Sanjeevani' provided that all the terms and conditions of the standard policy are retained except for the premium which is to be fixed by the insurers. The authority clarified that 'Arogya Sanjeevani' policy, whether in individual or group form, also covers Covid-19.