HEALTH INSURANCE FOR CORONAVIRUS INTRODUCED IN INDIA; TENURE, COVERAGE AND OTHER DETAILS!

The Insurance Regulatory Development Authority of India has announced the guidelines for two COVID-19 health insurance policies, ‘Corona Kavach’ and ‘Corona Rakshak ‘. They are to be made available from July 10.

These insurance coverages are likely to help people fight the pandemic better.

The regulator has said that ‘Corona Kavach’ will cover the cost of treatment of any morbid condition, including an existing condition along with the treatment for the novel coronavirus. It will provode coverage for a period ranging anywhere between 3.5 months to 9.5 months.

"We welcome the regulator's move to bring the COVID insurance products at the time when it is needed the most. Customer-centricity is the main theme of these products during the unprecedented times.

"The hallmark feature is the uniformity of the policy wordings across the market. Claims management will be an important aspect of these products and insurers are working closely with the General Insurance Council to bring some rationalization in the treatment costs. As a responsible insurer, we are fully committed to creating innovative and productive solutions for the customers in an appropriate manner."

Corona Kavach policy will cover a minimum of Rs.50,000 up to a maximum of Rs.5 Lakh. It will basically cover the hospitalisation expenses including room and boarding charges, PPE kits, masks, gloves, and even AYUSH treatment.

The Corona Rakshak Policy will cover a minimum of Rs.50,000 up to a maximum of Rs.2.5 Lakh. It involves cost of pulse oximeter, oxygen cylinder, and so on.

The minimum age for both the policies is fixed as 18 years and the maximum as 65 years. Dependent children will be covered from three months to 25 years, under the Corona Kavach policy.