Corona Kavach policy is a specialised health insurance plan designed to offer protection against medical expenses incurred due to Coronavirus
The insurance regulator July 14 announced that healthcare workers including doctors and nurses will get a 5 percent premium discount when they buy the Corona Kavach medical insurance policies from the 30 general insurance companies.
Corona Kavach is a specialised health insurance plan designed to offer protection against medical expenses incurred due to Coronavirus (COVID-19).
Insurance Regulatory and Development Authority of India (IRDAI) said this is a gesture of acknowledgement of the contribution of the healthcare sector in the nation’s fight against COVID-19.
This is a standard health insurance plan that is available with a sum insured of Rs 50,000-5 lakh. It is an indemnity-based product where the insurance amount paid to the customer is equivalent to the expenses incurred during hospitalisation.
Fifteen days pre-hospitalisation and 30 days post-hospitalisation expenses incurred will be payable under this policy. Policy period ranges between three and a half months to nine and a half months.
Premiums charged under Corona Kavach standard product are much lower than regular health insurance plans.For instance, the Corona Kavach by Bajaj Allianz General Insurance for a family of three people aged 25, 40 and 50 years, on individual sum insured of Rs 3 lakh each, total premium (without GST) would work out to Rs 7,235 for a nine-and-a-half-month policy.