New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) have directed all health insurance companies to launch two insurance policies Corona Kavach,  a standard health policy and Corona Rakshak, which is a standard benefit-based policy as health insurance cover for Covid-19 by July 10. The step may prove as a relief for patients struggling to manage amount for treatment. Also Read: Worldwide Coronavirus Cases Cross 10 Million-Mark; Death Toll Jumps To 501,298

It has been mandated for all general and health insurers to launch the products by the name Corona Kavach Policy & Corona Rakshak policy, receptively, followed by the name of the company.

Covid Cover

In 'Corona Rakshak,' a lump sum benefit equal to 100% of the Sum Insured shall be payable on positive diagnosis of Covid-19 requiring hospitalization for a minimum continuous period of 72 hours. The positive diagnosis of COVID shall be from a government authorized diagnostic centre, while, the base cover of 'Corona Kavach' will offer hospitalization expenses like room and boarding charges along with PPE kits, gloves, masks and such other similar expenses and even AYUSH treatment.

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Individual/Family Basis

COVID standard benefit based health policy (Corona Rakshak) shall be offered on individual basis only. It may be distributed across all distribution channels including Micro Insurance Agents, Point of sale persons and Common Public Service Centres.

Corona Kavach shall be offered on family floater basis also incluidng legally wedded spouse, parents and Parents-in-law, dependent Children (i.e. natural or legally adopted) between the day 1 of age to 25 years. If the child above 18 years of age is financially independent, he or she shall be ineligible for coverage.

Category of Cover

The cover of Corona Rakshak shall be made available on benefit basis, while the base cover of Corona Kavach shall be offered on indemnity basis whereas optional cover shall be made available on Benefit Basis.

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Minimum and Maximum Sum Insured

For Corona Rakshak, minimum sum insured shall be Rs. 50,000/- (Fifty Thousand only) Maximum limit shall be Rs.2,50,000(Two lakhs and Fifty Thousand only) (in the multiples of fifty thousand).

For Corona Kavach, the minimum sum insured shall be Rs 50,000/- while maximum limit shall be Rs 5,00,000/-(5 Lakh).

Policy Period

Corona Rakshak shall be offered with a policy term of three and half months (3 ½ months), six and half months (6 ½ months) and nine and half months (9 ½ months) i.e, 105 days, 195 days and 285 days respectively.

Corona Kavach shall be offered with a policy term of three and half months (3 ½ months), six and half months (6 ½ months) and nine and half months (9 ½ months) including waiting period.

Modes of premium payment

Single premium payment mode shall only be allowed for both the policies.

Entry age

Minimum entry age shall be 18 years and maximum age at entry shall not be less than 65 years for the persons covered for the benefit-based policy (Rakshak).

For Corona Kavach, minimum entry age shall be 18 years for principal insured and maximum age at entry shall not be less than 65 years for all the insured members including principal insured. Dependent Child / children shall be covered from Day 1 of age to 25 years subject to the definition of ‘Family’.

Pricing

The premium under Corona Rakshak and Corona Kavach products shall be pan India basis and no geographic location / zone based pricing is allowed.

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