Insurance Regulator and Development Authority of India (IRDAI) has outlined fresh guidelines for Covid-19 health polices as the coronavirus cases continue to surge in the country.
The new guidelines are issued for standard benefit-based health policy, dubbed as Corona Rakshak and individual Covid-19 standard health policy called Corona Kavach Policy.
Corona Kavach Policy will be offered on indemnity basis with an option to cover the family members. The minimum sum insured will be ₹50,000 and the maximum limit ₹5 lakh. Insurers are required to launch the product from the 10th of next month.
For Corona Rakshak Policy, the minimum sum insured will be ₹50,000 and maximum limit is set at ₹250,000. The regulator has encouraged all life, general and health insurance companies to offer the policy.
The premium under both the products shall be pan India basis and no geographic location or zone-based pricing will be allowed.
The standard health policy will offer hospitalisation expenses like room and boarding charges along with PPE kits, gloves, and masks. It also includes home care and AYUSH treatment.
The policy tenures offered for the policy are three and half months, six and half months, and nine and half months, including waiting period.
Minimum entry age will 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.
IRDAI has also mandated that the nomenclature of the product would be Corona Kavach Policy, succeeded by name of insurance company. No other name is allowed in any of the documents.