Given the rapid increase in COVID-19 cases in the country, the Insurance Regulatory and Development Authority of India, IRDAI, has allowed 30 general and health insurers to launch short-term ‘Corona Kavach’ health insurance policies. The policy will cover medical expenses occurred due to coronavirus disease. The insurance regulator said that it has designed a standard Covid specific product addressing basic health insurance needs of insuring public with common policy wordings across the industry. The sum insured amount of the policy ranges between fifty thousand rupees to five lakh rupees. This policy can be availed by persons between the age of 18 to 65 years. People can avail the Corona Kavach policy for Self, spouse, parents, parents-in-law and dependent children up to 25 years of age. The IRDAI has said that the policy will also provide for any co-morbid condition triggered due to Covid-19 during the period of hospitalization. The authority had issued clearance to 30 General and Health Insurance companies to market this Corona Kavach Policy. Following the IRDAI order, several insurers have already announced the launch of the ‘Corona Kavach’ policies for three -and-a-half months; six-and-a-half months; and nine-and-a-half months. Home care expenses benefit up to a period of 14 days will also be covered in the policy for those seeking treatment within the comfort of their own homes, on the advice of a medical practitioner.
