New Delhi: As per Insurance Regulatory Development Authority of India’s (IRDAI) mandatory orders, insurance companies have started to offer 'Corona Kavach' from Friday (July 10).

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The insurance regulator had on June 26 issued a circular, laying down guidelines for standard COVID-19 health insurance policies to help people with their fight against the coronavirus pandemic.


It is mandatory for general and health insurers to provide the reimbursement-based standard COVID-19 product, while offering the benefit-based product is optional for all insurers.


Here is all you need to know about the Corona Kavach health insurance policy.


Tenure


The Covid Standard Health Policy shall offer a policy tenure of three and half months (3 ½ months), six and half months (6 ½ months), and nine and half months (9 ½ months) including waiting period.


Pricing


The premium under this product shall be pan India basis and no geographic location / zone based pricing is allowed.


Minimum and Maximum Sum Insured


The minimum sum insured under Covid Standard Health Policy shall be Rs 50,000 (Fifty Thousand only)Maximum limit shall be Rs 5,00,000 (5 Lakh) (in the multiples of fifty thousand).


Category of Cover


The Base Cover of Covid Standard Health Policy shall be offered on indemnity basis whereas Optional Cover shall be made available on Benefit Basis.


Age limit


Minimum entry age shall be 18 years for principal insured and maximum age at entry shall not be less than 65 years for all the insured members including principal insured. Dependent Child / children shall be covered from Day 1 of age to 25 years subject to the definition of ‘Family’.


Benefit Structure


The benefit pay out should be explicitly disclosed in the format of application (Form – IRDAI-UNF-SCHP) along with other relevant documents.


Underwriting


The insurer shall specify the non-medical limit and relevant details explicitly in the format specified. 5% discount in premium shall be provided to health care workers.


Renewal, Portability and Migration


Lifelong renewability, migration and portability stipulated under Regulation 13 and 17 of IRDAI (Health Insurance) Regulations, 2016 respectively are not applicable.


Comorbid Conditions


The Policy shall include the cost of treatment for any comorbid condition including pre-existing comorbid condition(s) along with the treatment for Covid.