Amid the surging COVID-19 cases in the country, a health insurance policy is a must. The policy will give you financial assistance against the medical expenses, in case you contract the COVID-19 virus. For this, general and health insurance companies have started offering COVID-19 health insurance policies on the directions of IRDAI. The Corona Kavach Policy is an indemnity based health plan while the Corona Rakshak Policy is a fixed benefit health insurance plan. The policies can be bought below the price range of Rs. 500.
On Friday, Canara Bank stated that it has tied-up with three insurance companies to sell Corona Kavach policy to cover the COVID-19 related expenses. Canara Bank has tied up with New India Assurance Company Ltd, Bajaj Allianz General Insurance Co Ltd and HDFC ERGO Health Insurance to help people at the time of COVID-19 crisis. The bank has launched Corona Kavach Policy with as low as Rs. 300.
On June 26, the Insurance Regulatory and Development Authority of India (IRDAI) issued a circular outlining the guidelines for standard COVID-19 health insurance policies to help people deal with the crisis under the provisions of Section 34 (1) (a) of Insurance Act, 1938.
IRDA has now issued mandatory orders related to the COVID-19 specific product. 30 general and health insurers are mandated by the authority to offer the standard Corona Kavach Policy.
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As per a statement released by the IRDA, 'In view of the COVID-19 pandemic, the Authority has designed a standard COVID 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.'
With these orders, it is now mandatory for all the general and health insurers to provide a reimbursement-based standard COVID-19 product. The benefit-based COVID-19 product is optional for the insurers.
Corona Kavach: Product Type
The standard product issued by IRDA is based on individual and family floater basis.
Corona Kavach: Eligibility
The product can be availed by the people between the age of 18-65 years. In addition to this, the policy can be availed for self, spouse, parents, parents-in-law and for dependent children up to the age of 25 years.
Corona Kavach: Time Period
The product offers three options-- three and a half months policy, six and a half months policy and nine and a half months policy. The period includes a waiting period of 15 days. People can choose the time period as per their will.
Corona Kavach: Sum Insured
Under this product, the minimum limit is Rs. 50,000 and the maximum limit is Rs. 5,00,000. The sum can be insured in the multiples of 50,000.
Corona Kavach: Hospitalization Expenses
Under this product, the pre-hospitalization expenses will be 15 days and the post-hospitalization expenses will be 30 days. The home care treatment will be up to 14 days per incident. The ambulance charges will be 2000 per hospitalization. Optional cover of hospital daily Cash will be 0.5% of Sum Insured per day up to 15 days in a policy period for every insured member.
Corona Kavach: Benefit structure
The benefit payout should be disclosed in the format of application (Form- IRDAI-UNF-SCHP) along with other relevant documents.
Corona Kavach: Distribution Channels
The policy may be distributed across all the distribution channels including all the Micro Agents, Point of sale persons and Common Public Service Centres.
Corona Kavach: Types of Cover
The Base Cover of COVID-19 Standard Health Policy shall be offered on indemnity basis whereas Optional Cover shall be made available on a benefits basis.
Corona Kavach: Underwriting
The insurer must specify the non-medical limit and related details in the format as mentioned. A discount of 5% will be provided to healthcare professionals.
Corona Kavach: Renewal, Portability and Migration
Lifelong renewability, migration and portability stipulated under Regulation 13 and 17 of IRDAI (Health Insurance) Regulations, 2016 respectively are not applicable under this standard product.
Corona Kavach: Pricing
The product will be available pan India and location-based pricing is allowed.
Corona Kavach: Comorbid Conditions
The Policy shall include the cost of treatment for any comorbid condition including any pre-existing comorbid condition(s) along with the treatment for Covid-19.
Corona Kavach: Premium Payment
The policy will have a single premium payment for all the insurers.
Corona Kavach: Approved insurers
1- Acko General Insurance Ltd.
2- Aditya Birla Health Insurance Co. Ltd.
3- Bajaj Allianz General Insurance Co. Ltd.
4- Bharti AXA General Insurance Co. Ltd.
5- Edelweiss General Insurance Co. Ltd.
6- Future Generali India Insurance Co. Ltd.
7- Go Digit General Insurance Ltd.
8- HDFC ERGO General Insurance Co. Ltd.
9- ICICI Lombard General Insurance Company Ltd.
10- Cholamandalam MS General Insurance Co. Ltd.
11- IFFCO TOKIO General Insurance Co. Ltd.
12- Kotak Mahindra General Insurance Co. Ltd.
13- Liberty General Insurance Ltd.
14- Magma HDI General Insurance Co. Ltd.
15- Manipal Cigna Health Insurance Company Limited
16- Max Bupa Health Insurance Co. Ltd.
17- Navi General Insurance Ltd.
18- National Insurance Co. Ltd.
19- Raheja QBE General Insurance Co. Ltd.
20- Reliance General Insurance Co. Ltd.
21- Religare Health Insurance Co. Ltd.
22- Royal Sundaram General Insurance Co. Ltd.
23- SBI Health Insurance Co. Ltd.
24- Star Health and Allied Insurance Co. Ltd.
25- Tata AIG General Insurance Co. Ltd.
26- The New India Assurance Co. Ltd.
27- Oriental Insurance Co. Ltd.
28- United India Insurance Co. Ltd.
29- Universal Sompo General Insurance Co. Ltd.
30- HDFC ERGO Health Insurance Limited
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