Page 27 - Insurance Times December 2020

evolving and emerging every day, the Regulator designed
and prescribed Standard COVID-19 specific policies
addressing the basic insurance needs after bridging the gaps
observed in indemnity based current health insurance
contracts.

Corona Kavach is an indemnity product that has to be
mandatorily offered by health/general insurers whereas the
Corona Rakshak is optional benefit based product. The
design of the product is standard with common guidelines
across the industry and insurers are allowed only to have
price discovery for these standard products based on their
actuarial evaluation of standard risk.

There has been lot of interest from the policyholders since
its launch. IRDAI Chairman Mr Subhash C Khuntia while diagnosis in a government authorized diagnostic
addressing participants at FICCI-FINCON 2020 shared an centre.
information that within a month general insurance 3. There is no cap for room rent. It relieves insured from
companies sold nearly 15 lakh standard COVID-19 covers proportionate deductions for associated medical costs
including both indemnity based Corona Kavach and benefit if a room of higher cost than entitled is utilized for care
based Corona Rakshak and expressed that the high demand as prevalent in most of the existing health insurance
for the standard COVID-19 health cover shows that there is policies.
a need for such products in the market. Such standard
products create trust in the minds of customers as there is 4. Oxygen, Ventilator charges, PPE kit, gloves, masks and
no ambiguity in what is covered and what is not.The growing similar other expenses are specifically covered without
incidences of Covid-19 cases have made people to prioritize any cap if hospitalized for a minimum of 24 hours. PPE
their health. The health insurance awareness is at an all- kits, gloves etc. are not covered in existing health
time high as seen in last decade. insurance policies.
5. The fees charged for surgeons, consultants,
The Corona Kavach plan remains available both on individual anesthetists & specialists including the consultations
& family floater basis. It address the gaps observed in through telemedicine are covered.
existing health insurance products. Depending on the 6. In addition to in-patient care expenses on diagnosis of
severity of virus many persons may be advised by the medical COVID-19 the policy also covers cost of 'Home care
practitioners to undergo homecare treatment that usually treatment' for up to 14 days per incident, if prescribed
is not covered in existing health insurance products but this by medical practitioner. The cost of Pulse oximeter,
product duly bridges this gap.Home treatment is preferred oxygen cylinder and Nebulizer is covered. Existing health
choice of medical practitioners for asymptomatic and mildly insurance products do not cover such expenses outside
symptomatic Covid positives who may get treatment while hospital. In addition to it, diagnostic tests undergone
quarantined at home under due medical care. at home or at diagnostic centre, medicines &the

It also indemnifies consumables cost that is necessary as per consultation charges of medical practitioner and nursing
treatment protocol of Covid patients and which fall in the charges related to medical staff are also indemnified,
exclusionary clause of the existing products. Its features, 7. For the purpose of this policy any set up designated by
terms and conditions bring value to customers who want the government as hospital for the treatment of Covid
cover for Covid-19 treatments. shall also be considered as hospital.
1. It is limited period, single risk policy exclusive to covid- 8. Any co-morbid condition, including pre-existing co-morbid
19 treatment. The plan comes with a cap on sum condition, triggered due to Covid-19 is covered during the
insured up to Rs five lac. Treatment cost of illnesses period of hospitalization along with the treatment for
other than Covid or accident is not covered in this policy. Covid.This provides great relief and access to health
2. It only indemnifies medical expenses incurred for insurance to those who have these conditions and found
hospitalization for the treatment of Covid on positive it difficult to get coverage in these difficult times.
The Insurance Times, December 2020