Page 45 - The Insurance Times July 2020

FEATURES

Corona Kavach health insurance policy for covid:

Premium, benefits, other details

B uying a new health insurance cover has become cost of treatment incurred by the insured person on availing

tough following the mass spread Covid19 in the
treatment at home for Covid on positive diagnosis up to 14
past few months. Insurance companies were
days per incident, which in the normal course would require
apprehensive to offer a health insurance policy
confined at home.
to individuals showing even minor flu-like symptoms. To care and treatment at a hospital but is actually taken while
tackle the crisis, IRDA has designed a standard Covid specific
Sublimits: The policy will allow home care treatment for
product called 'Corona Kavach'. This indemnity based maximum upto 14 days per incident.
Individual Covid Standard Health Policy will address the basic
Ambulance charges worth Rs. 2000 per hospitalization will
health insurance needs of insuring public with common
policy wordings across the industry. be covered.
Optional cover of Hospital Daily Cash will be 0.5% of sum
IRDA has mandated 30 general and health insurers to offer
and market the standard Corona Kavach Policy. insured per day subject to maximum of 15 days in a policy
period for every insured member.
Corona Kavach Policy will be available on an individual and
family floater basis. Policy term: The policy will be available for three and half
months (3 ½ months),six and half months (6 ½ months), nine
Sum insured: The minimum sum insured under the Corona and half months (9 ½ months) including the waiting period.
Kavach Policy will be Rs. 50,000 and the maximum sum
Eligibility: Corona Kavach policy can be availed by persons
insured will be Rs. 5 lakh, in the multiples of Rs. 50,000.
between the age of 18 to 65 years. This policy can be availed
Cover: The standard Corona Kavach policy will cover for self, spouse, parents, parents-in-law and dependent
hospitalisation expenses on diagnosis of Covid on an children up to 25 years of age.
indemnity basis and an optional cover of daily cash on benefit
Waiting period: There is a waiting period of 15 days before
basis.
the policy cover comes into effect.
The policy will also cover any co-morbid condition triggered
Premium: The policy will allow only single mode of premium
due to Covid-19 during the period of hospitalization.
payment.
The policy shall also cover pre hospitalisation expenses for For the purpose of Corona Kavach policy, any set-up
15 days and post hospitalisation expenses of 30 days.
designated by the government as a hospital for the
Home care treatment expenses: The policy will cover the treatment of Covid shall also be considered as a hospital. T

The Insurance Times, July 2020 45