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Corona Kavach and Corona Rakshak Policies framed by IRDAI

Corona Kavach and Corona Rakshak Policies framed by IRDAI
June 29, 2020 camsrep

The past few months have been completely unprecedented and somehow we are kind of settling into the new normal lifestyle. While there seems to be more hope and clarity now, the situation still needs more self-control, awareness and discipline from all of us to steer clear from the infection and get back to normalcy.

With the changing times, many companies have been extremely considerate of its employees, customers and clients, and have reformed their work culture and policies. This is a time when we have to reach out to others and be supportive as much as we can.

With the changing times, many companies have been extremely considerate of its employees, customers and clients, and have reformed their work culture and policies. This is a time when we have to reach out to others and be supportive as much as we can.

Once again, IRDAI has come out with new health cover norms for all policyholders. It has directed all general and health insurers to reimburse the cost of the treatment, up to the sum insured, covering both home care (up to 14 days) and AYUSH on or before July 10. Following which, IRDAI is also firming up the rules and making COVID-19 a mandatory specific product across all health insurers and is set to launch the same on or before July 10.

Thus, Corona Kavach Policy (to be followed by the insurance company’s name) will be a separate product of the health insurance that will protect your family with a minimum of 50,000 INR and a maximum of 5 lakhs INR sum insured. (The maximum amount for Corona Rakshak is 2.5 lakhs INR)

These are some important points you must know regarding these policies:
  • A discount of 5% is offered to healthcare workers.
  • Inclusive of the waiting period, the tenure will be 3 and a half, 6 and a half and 9 and a half months.
  • Geographic or location-based pricing is not allowed and the mode of premium payment will be on Pan India basis only.
  • Pre-existing comorbid conditions and its treatment, along with the treatment for Covid-19 will be covered in the policy.
  • The basic cover of the policy will be hospitalization expenses which include PPE kit, gloves, masks, and a minimum of 24 hours hospitalization or ICU/ICCU expenses.
  • Up to 2,000 INR coverage for ambulance expenses per hospitalization.
  • In the case of medical treatment upon a medical practitioner’s advice, expenses for pulse oximeter, oxygen cylinder and nebulizers will also be covered.
  • To be eligible for the policies, the minimum age is 18 years and the maximum age is 65 years.
  • Premiums cannot be paid in instalments and claims will not be accepted during the 15 days waiting period.
  • Cashless transactions are eligible.

IRDAI has further urged all insurers to offer a standard benefit-based health policy (Corona Rakshak) which will get terminated after 100% payment of the sum insured for those who are diagnosed Covid-19 and need hospitalization for a minimum continuous period of 72 hours.

This is a great move as these policies will have uniformity in the wordings across and will make the process and management of claims easier.

Note: It is mandatory for all general and health insurance companies to provide the reimbursement-based standard COVID-19 product (Corona Kavach), but the benefit-based product (Corona Rakshak) is optional for all insurers.
The Government has been continuously bringing changes and upgradations in the policies and the norms for insurance providers for the benefit of the policyholders.

All that you have to do is be aware and choose the best policy according to your needs. And secure your policy documents by linking them to your E-Insurance account. Digitize your policies and link them to your E-Insurance account, which will act as a secure digital vault and comes with multiple benefits like easy tracking, quick updating process and accessibility from anywhere and at any time.

Also, an E-Insurance account is mandatory for all claims above 10 lakhs INR. Get smart today and create your E-Insurance account NOW!

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