IRDAI allowed 29 Insurance companies to issue Corona Kavach Policy
The Insurance Regulatory and Development Authority of India (IRDAI) has issued the final guidelines, which contain the standard features of Corona Kavach, a COVID-19 specific health insurance plan, and has allowed 29 general insurance companies and health insurance companies to promote the policy.
The IRDAI has said in its press release that the authority has designed a standard Covid-specific product to meet the basic public medical insurance needs with common policy language in the industry, in view of the rising cases of COVID-19 pandemic in the country. The Authority has authorized general insurance companies and health insurance companies to provide compensation-based personal Covid-19 standard health policies, called Corona Kavach.
The 29 general insurance companies and health insurance companies that are authorized to issue the Corona Kavach plan are listed below:-
- Religare Health Insurance
- Bajaj Allianz General Insurance
- IFFCO TOKIO General Insurance
- Kotak Mahindra General Insurance
- Future Generali India Insurance
- Reliance General Insurance
- ICICI Lombard General Insurance
- Max Bupa Health Insurance
- New India Assurance
- SBI General Insurance
- Royal Sundaram General Insurance
- Magma HDI General Insurance
- Tata AIG General Insurance
- National Insurance
- Acko General Insurance
- Liberty General Insurance
- Go Digit General Insurance
- Universal Sompo General Insurance
- Star Health & Allied Insurance
- United India Insurance
- Bharti AXA General Insurance
- Raheja QBE General Insurance
- Oriental Insurance
- Cholamandalam MS General Insurance
- ManipalCigna Health Insurance
- HDFC ERGO General Insurance
- Aditya Birla Health Insurance
- Edelweiss General Insurance
- Navi General Insurance
The Sum Insured (SI) amount of a single premium plan is a multiple of Rs 50,000, with the minimum SI is Rs 50,000 and the maximum SI is Rs 500,000. The policy term is three and a half months (3.5 months), six and a half months (6.5 months) and nine and a half months (9.5 months), including a 15-day waiting period.
In addition to the diagnosis of Covid-19’s hospitalization costs, the cost of 15 days before hospitalization and the cost of 30 days after hospitalization. The policy will also cover up to 14 days of home care treatment per incident and each ambulance will be charged Rs. 2,000 for hospitalization. The optional insurance of the hospital’s daily cash will be obtained at a rate of 0.5% of the daily insured amount, for a maximum of 15 days during the policy period of each policy member.
Mr. Krishnan Ramachandran, MD & CEO of Max Bupa Health Insurance, said while giving his review on the plan, “The growing incidences of Covid-19 cases in the country have made people prioritize their health. The Health Insurance awareness is at an all-time high and possibly the highest we have seen in the last decade. This is the ideal time to channelize the awareness to bring more people under the ambit of health insurance. The Corona Kavach plan brings value to customers who want cover for Covid-19 related treatment costs.”
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