New Delhi, IANS. The Insurance Regulatory of India (Irdai) has asked all health and general insurance companies to issue a short-term health insurance policy focused on Corona from 10 July. Under this, the regulator has announced Standard Indemnity based policy ‘Corona Kavach’ and Standard Benefit based policy ‘Corona Rakshak’. Indemnity based policy covers the entire cost of treatment, the maximum limit of which is equal to the sum insured. At the same time, after checking in the benefit based policy, an amount equal to the sum insured is given in a lump sum.
The regulator has said that despite being focused on corona, the ‘corona armor’ policy will also cover the treatment of all other diseases during the insurance period. The duration of this policy will be between 3.5 to 9.5 months. All general and health insurance companies have been mandated to issue a ‘Corona Kavach’ policy. At the same time, the ‘corona protector’ policy has been kept optional.Â
In the case of both these policies, the regulator has clarified that the premium will be the same across the country. A change in premium will not be allowed depending on the region. Corona armor will have sum insured ranging from Rs 50,000 to Rs five lakh. At the same time, in the Corona Guard Policy, this limit has been fixed from Rs 50,000 to Rs 2.5 lakh.
The maximum cost will be covered
The ‘corona armor’ will include room, PPE kit, gloves, mask and other expenses on hospitalization. Ayush treatment will also be covered in this. In case of treatment at home, the cost of treatment will also be covered for 14 days. At the same time, in case of ‘corona protector’, the patient will have to be hospitalized for at least 72 hours after being found Kovid-19 positive. He will be given lump sum amount of sum insured.Â
The duration of this insurance has been fixed at 105 days, 195 days and 285 days. In both policies, people between 18 and 65 years will be insured. Dependent children between the age of three months to 25 years will also be insured. The option to include the family will only be in ‘corona armor’. The ‘corona protector’ will be a personal policy. Both policies will become active over a 15-day waiting period and their premium will have to be paid in a lump sum.
IRDA asked for the name of three policies
New Delhi IRDA has asked for names of people for three insurance policies. Irda said that the names should be such that it should be known as to which category the products with related names belong to and what their purpose is. These suggestions have been sought for a policy focused on housing and small businesses in the ‘fire and special disaster’ category. Those offering proper names will be given cash prizes and citation of Rs 10 thousand each. The purpose of these policies is to provide insurance cover to residential units and small businesses at the time of catastrophic events such as floods.
