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The Insurance Regulatory and Development Authority of India (IRDAI) has given approval for ‘Corona Kavach’, a standard Covid-19-specific insurance policy, to 30 general and standalone insurance companies.
“In view of the Covid pandemic, the authority had designated a Covid-specific product addressing the basic insurance needs of insuring public with common policy wordings across the industry. The authority has mandated all general and health insurers to offer this indemnity-based individual Covid standard health policy called ‘Corona Kavach’, said an IRDAIrelease.
The general public may avail the insurance product by approaching general and health insurers, it added.
The product is available on individual and family floater basis, offering a base cover on indemnity basis and an optional cover on benefit basis.
The sum assured ranges from ₹50,000 to ₹5 lakh. The waiting period is 15 days and the policy period is three-and-a-half months and nine-and-a-half months, including the waiting period
As per the guidelines framed by the regulator, general and standalone health insurers will have to mandatorily offer the policy, which covers 14 days of expenses incurred for home treatment.
This is in addition to the hospitalisation expenses, which will also be covered. The hospitalisation expenses have also been broadbased and includes Intensive Care Unit (ICU) cost, among others.
The authority has allowed the insurers to fix the price of the Covid Standard Health Policy.
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