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The Corona Kavach Policy is an indemnity-based Coronavirus health policy issued by the Insurance Regulatory and Development Authority of India (IRDAI). The policy was launched on July 10, 2020. The premium for the product will be same across India and will not be restricted to any geographical area. The minimum sum insured under the Corona Kavach policy starts at Rs. 50,000 and can go up to Rs. 5 lakhs.
health insurance companies and non-life industries have been encouraged to include these policies, Market experts say that this move will attract more investment into the health insurance segment.
The Coronavirus pandemic has taken a toll on global health statistics. The World Health Organization (WHO) confirmed that 570 288 people across the globe have succumbed to the virus, while there are 12,964,809 confirmed cases as of 14th July 2020.
The Corona Kavach (Kavach means protective shield) health insurance policy is an indemnity based policy. It will be provided on a compensation Basis. The policy covers all hospitalisation such as PPE kit, gloves, mask and other expenses used for treating the infected. The base cover of Corona Kavach will be based on the indemnity basis and the optional cover will be based on a benefits basis.
Senior citizens up to the age of 65 can avail this policy. The policy will be issued for 3-and a half months (105 days), 6-and a half months (195 days) and 9-and a half months (285 days).
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IRDAI has issued certain guidelines regarding the indemnity-based COVID-19 Standard Health Policy, which are mentioned below.
The minimum amount insured with Rs. 50,000 and the maximum limit will be Rs. 5 lakhs. This will be in multiples of Rs. 50,000.
Anyone between the age of 18 years and 65 years can avail the policy.
The expenses of hospitalisation for a minimum period of 24 consecutive hours only will be allowed.
The modes of premium payment will be single premium.
The fixed period of 30 days will be allowed a grace period for a yearly mode of payment. For other modes of payment, a fixed period of 15 days will be permitted as a grace period.
If you are insured, you will be allowed at least 15 days from the date of Receipt of policy to review the terms and conditions of the policy and cancel the policy if not acceptable.
If you are getting treatment at home as an insured person, the insurer will cover the costs of treatment of COVID-19 incurred.
The Corona Kavach policy also includes the cost of treatment for any co-morbid condition. This could also be a pre-existing comorbid condition along with COVID-19 treatment.
Corona Kavach will be given on a family floater basis. Family members include legally-wedded spouse, parents and parents-in-law, dependent children. The dependent children’s age group should be between 1 year to 25 years. If the child is above 18 and is self-dependent, the child will be ineligible for the coverage.
The insurance company will pay 0.5% of the amount insured per day for a maximum of 15 days in a policy period for insured persons for every completed 24 hours. Ensure the patient is admitted in the hospital under COVID-19 positive diagnosis. The insurers will need to specify premium payable toward the add-on so that the policy beneficiaries can choose and pay based on needs.
This benefit-based standard policy will help you, if you are someone with no health insurance and are looking for health insurance amid the COVID-19 pandemic. However, if you already are having health insurance, this benefit policy may not be of any help since you are already insured.
The Coronavirus is definitely a concern for everyone today. With the help of the right policy, you can always overcome the difficulty you may with diagnosis and treatment costs.
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