Insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI) has released guidelines for two COVID-19-specific health insurance policies.
The regulator has instructed all non-life and health insurers to offer the two policies named ‘Corona Kavach Policy’ and ‘Corona Rakshak Policy’ to individuals by 10 July. The single premium policies should be offered for a period of three-and-a-half months, six-and-a-half months, and nine-and-a-half months.
The sum insured for Corona Kavach, which is a standard indemnity-based COVID-19 policy, would range from INR50,000 ($661) to INR500,000 ($6,614). The policy will include the cost of treatment for any co-morbid condition along with the treatment of coronavirus. Insurers can also offer optional cover wherein they will pay 0.5% of the sum insured per day for each 24 hours of continuous hospitalisation for the treatment of COVID-19. The minimum entry age for this policy is 18 years and the maximum age is 65 years.
Corona Kavach will also cover home care treatment expenses of up to 14 days if it involves an active line of treatment and is done on a medical practitioner's advice, among other conditions. Cost of pulse oximeter, oxygen cylinder and nebulisers will also be covered.
Corona Rakshak will be available on a benefit basis with the minimum sum assured of INR50,000 and a maximum of INR250,000. Under this policy individuals are handed out a pre-agreed lump-sum upon diagnosis of COVID-19.
The regulator has also specified that the premium under both the products shall be on a pan-India basis and no geographic location or zone-based pricing will be allowed.