Corona Kavach: Check out all the details of COVID-19 health insurance policy

Amid the coronavirus spike across the country in the last few months, a new health insurance buying has become difficult.

July 11, 2020 / 11:19 AM IST

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.

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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.


COVID-19 Vaccine

Frequently Asked Questions

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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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

National 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 Insurance

Follow our full coverage of the COVID-19 pandemic here.
Moneycontrol News
first published: Jul 11, 2020 11:19 am

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