Amid the coronavirus spike across the country in the last few months, a new health insurance buying has become difficult.
Known as ‘Corona Kavach’, the Insurance Regulatory and Development Authority (IRDA) has designed a standard COVID-19 specific product to deal with the crisis. This Individual COVID-19 standard health policy insurance will address the basic health insurance needs of the public with common policy wordings across the industry.
Amid coronavirus spikes across the country in the last few months, a new health insurance buying has become difficult. Insurance companies were apprehensive to offer a health insurance policy to individuals showing even minor flu-like symptoms.
Under the Corona Kavach Policy, the minimum sum insured will be Rs 50,000 and the maximum sum insured will be Rs 5 lakh.
The standard Corona Kavach Policy will be offered and marketed by 30 general and health insurers. Corona Kavach Policy will be available on an individual and family floater basis.
The policy will cover the cost of treatment incurred by the insured person on availing treatment at home for COVID on positive diagnosis up to 14 days per incident, which in the normal course would require care and treatment at a hospital but is actually taken while confined at home.
The standard Corona Kavach policy will cover hospitalisation expenses on diagnosis of COVID on an indemnity basis and an optional cover of daily cash on benefit basis. The policy will also cover any co-morbid condition triggered due to COVID-19 during the period of hospitalisation. The policy shall also cover pre hospitalisation expenses for 15 days and post hospitalisation expenses of 30 days.
The policy will allow home care treatment for maximum upto 14 days per incident. Ambulance charges worth Rs 2000 per hospitalization will be covered. Optional cover of Hospital Daily Cash will be 0.5 percent of sum insured per day subject to maximum of 15 days in a policy period for every insured member.
The Corona Kavach policy can be availed by persons between the age of 18 to 65 years. This policy can be availed for self, spouse, parents, parents-in-law and dependent children up to 25 years of age.
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.
For the purpose of Corona Kavach policy, any set-up designated by the government as a hospital for the treatment of COVID shall also be considered as a hospital.
There is a waiting period of 15 days before the policy cover comes into effect. The policy will allow only a single mode of premium payment.
Here is a list where you can buy this policy:
Corona Kavach Policy can be brought from any of the 30 insurance companies listed below:
Acko General Insurance
Aditya Birla Health Insurance
Bajaj Allianz General Insurance
Bharti AXA General Insurance
Cholamandalam MS General Insurance
Edelweiss General Insurance
Future Generali India Insurance
Go Digit General Insurance
HDFC ERGO General Insurance
HDFC ERGO Health Insurance
ICICI Lombard General Insurance
IFFCO TOKIO General Insurance
Kotak Mahindra General Insurance
Liberty General Insurance
Magma HDI General Insurance
ManipalCigna Health Insurance
Max Bupa Health Insurance
Navi General Insurance
Raheja QBE General Insurance
Reliance General Insurance
Religare Health Insurance
Royal Sundaram General Insurance
SBI General Insurance
Star Health & Allied Insurance
Tata AIG General Insurance
The New India Assurance
The Oriental Insurance
United India Insurance
Universal Sompo General InsuranceFollow our full coverage of the COVID-19 pandemic here.