INSURANCE
IRDAI permits 29 insurers to launch short-term ‘Corona Kavach’ health insurance policy
Jul-13-2020

The insurance regulator -- the Insurance Regulatory and Development Authority of India (IRDAI) has permitted 29 general and health insurers to launch short-term ‘Corona Kavach’ health insurance policies to cover medical expenses of coronavirus patients amid a rapid increase in coronavirus cases in the country. Several insurers have announced the launch of the ‘Corona Kavach’ policies for three -and-a-half months; six-and-a-half months; and nine-and-a-half months -- with sum insured ranging from Rs 50,000 to Rs 5 lakh (in multiples of Rs 50,000).

The 29 general and health insurance companies allowed to market a Corona Kavach Policy include state-owned and private insurers like Oriental Insurance, National Insurance, SBI General Insurance, ICICI Lombard, HDFC ERGO, Max Bupa, Bajaz Allianz, Bharti AXA and Tata AIG. The Corona Kavach policy, which can be availed by a person between 18 and 65 years of age, comes with an optional cover of daily cash benefit of 0.5% of the sum assured during the period of hospitalisation, subject to a maximum of 15 days.

Corona Kavach can be availed for self, spouse, parents, parents-in-law and dependent children up to 25 years of age. IRDIA said for the purpose of this policy any set-up designated by the government as hospital for the treatment of Covid should also be considered as hospital. Also, any co-morbid condition triggered due to Covid-19 shall be covered during the period of hospitalisation.

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