Buying a new health insurance cover has become tough following the mass spread Covid19 in the past few months. Insurance companies were apprehensive to offer a health insurance policy to individuals showing even minor flu-like symptoms. To tackle the crisis, IRDA has designed a standard Covid specific product called ‘Corona Kavach’. This indemnity based Individual Covid Standard Health Policy will address the basic health insurance needs of insuring the public with common policy wordings across the industry.
IRDA has mandated 30 general and health insurers to offer and market the standard Corona Kavach Policy.
Corona Kavach Policy will be available on an individual and family floater basis.
Sum insured: The minimum sum insured under the Corona Kavach Policy will be Rs. 50,000 and the maximum sum insured will be Rs. 5 lakh, in the multiples of Rs. 50,000.
Cover: 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 hospitalization.
The policy shall also cover pre hospitalisation expenses for 15 days and post hospitalisation expenses of 30 days.
Home care treatment expenses: 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.
Sub limits: 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% of sum insured per day subject to a maximum of 15 days in a policy period for every insured member.
Policy term: 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.
Eligibility: 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.
Waiting period: There is a waiting period of 15 days before the policy cover comes into effect.
Premium: The policy will allow only a single mode of premium payment.
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.
