Insurance companies launched ‘Corona Kavach Policy’, know the terms and benefits of the policy
The sum assured will be from Rs 50,000 to Rs 5 lakh and the duration will be 9 and a half months
Insurance companies on Friday introduced a short-term Corona Kavach health insurance policy to ‘cover’ the costs of covid-19 treatment. The insurance companies have taken this step following the deadline of insurance regulator IRDA. Amid rising cases of corona virus infection, the Insurance Regulatory and Development Authority (IRDA) had asked general and health insurers to introduce the Corona Kavach Health Insurance Policy by July 10. The number of Kovid-19 infected cases in the country has reached nearly 8 lakhs and the number is increasing day by day.
According to the guidelines of the Insurance Regulatory and Development Authority (IRDA), the policy can be for a short term of three and a half months, six and a half months and nine and a half months. The sum insured ranges from Rs 50,000 to Rs 5 lakh (in multiples of Rs 50,000). According to the regulator, the premium payment has to be made once and the premium amount will be the same throughout the country. Initiating the Corona Kavach policy, HDFC Argo said that if a case of corona infection is found after investigation in a government recognized testing house under the new health insurance policy, then the medical expenses of hospitalization will be borne by the hospital. According to the company, if the patient has other disease with Kovid-19, then the cost of treatment with virus infection will also come under its purview. In this, the cost of road ambulance will also come in the case of hospitalization due to virus.
According to HDFC Argo, the policy also covers the cost of 14 days of care in households. This will be for those who prefer treatment in their home. Apart from this, other treatment options including Ayurveda, Homeopath will come under the purview of the policy.
Bajaj Allianz General Insurance has also introduced this type of insurance policy. The company has fixed the premium for basic insurance cover from Rs 447 to Rs 5,630. GST will be levied separately on this. The insurance premium is dependent on the age, insurance amount and duration of the person. Krishnan Ramachandran, managing director and chief executive officer of Max Bupa, said that the premium of Max Bupa’s corona policy is competitive. For a person between 31 and 55 years, the policy premium of Rs 2.5 lakh is Rs 2,200. The premium for two adults and two children of the same age is Rs 4,700. Along with this, ICICI Lombard General Insurance is also bringing Corona Armor Policy.
