In view of the Covid 19 pandemic, the Insurance Regulatory and Development Authority (IRDA) has designed a standard Covid specific product.
The policy has addressed 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”.
Basic facts
The minimum entry age for the policy shall be 18 years and the maximum 65. Dependant children shall be covered from the age of three months to 25 years. It also comes with the family floater option.
The policy tenure could be 3.5 months, 6.5 months, or 9.5 months, including the 15-day waiting period, and health insurance rules such as lifelong renewability, migration, and portability shall not be applicable.
The minimum sum insured will be Rs 50,000 and the maximum sum insured will be Rs 5 lakh.
The Corona Kavach policy will have to pay for PPEs, gloves, masks and other similar expenses.
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.
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