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Insurance cos to roll out policies to cover COVID infected

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Insurance cos to roll out policies to cover COVID infected

Source: Google

By- Dikhya Mohanty

The insurance companies will offer ‘Corona Kavach’ and ‘Corona Rakshak’ from 10th July and help people with better health insurance coverage in their fight against the coronavirus pandemic

With the growing number of cases in India, all life, general and health insurance companies will soon start selling corona life insurance policies.

The Insurance Regulatory and Development Authority of India (IRDA) has announced guidelines for two policies where both these products will be launched from July 10.

In Corona Rakshak Policy, the single-premium plan will pay out 100 per cent of the sum insured if the policyholder is hospitalized – at least for 72 hours – after testing positive for COVID-19

The minimum sum insured would be Rs 50,000 and the maximum limit is set at Rs 2.5 lakh. The policy will cease to exist once the claim is paid out.

In Corona Kavach the standard policy will cover the cost of treatment of any comorbid conditions, including pre-existing conditions, along with the treatment for COVID-19

The minimum entry age for both the policies shall be 18 years and the maximum is 65. Dependent children shall be covered from the age of three months to 25 years.

The policy tenure could be 3.5 months, 6.5 months, or 9.5 months, including the waiting period, and health insurance rules such as lifelong renewability, migration, and portability shall not apply to these products. This will be a single premium, limited period policy without any lifelong renewability benefit.

The British government has also announced the launch of a similar contact tracking app but also plans to appoint an ethics board to oversee the project. Activists believe a similar board by the government might ease concerns.

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