IRDAI gives green signal to 29 insurers to market Corona Kavach policy

New Delhi: Amid rapid increase in coronavirus cases in the country, the regulator IRDAI has given green signal to 29 general and health insurers to launch short-term Corona Kavach’ health insurance policies to cover medical expenses of coronavirus disease.

Several insurers have announced the launch of the Corona Kavach’ policies for three -and-a-half months; six-and-a-half months; and nine-and-a-half months with sum insured ranging from Rs 50,000 to Rs 5 lakh (in multiples of Rs 50,000).

The 29 general and health insurance companies that have been allowed to market Corona Kavach Policy include state-owned and private insurers like Oriental Insurance, National Insurance, SBI General Insurance, ICICI Lombard, HDFC ERGO, Max Bupa, Bajaz Allianz, Bharti AXA and Tata AIG.

Launching the product, Bajaj Allianz General Insurance said premium for the base cover ranges between Rs 447 to Rs 5,630 excluding GST, which varies depending on the age of the person, sum insured and policy period opted.

Amit Chhabra, Head-Health Insurance, Policybazaar.com said most of the prominent health insurance companies have launched the COVID specific health cover asked by the regulator.

“Early pricing trends indicate that there is variation in pricing in different companies,” he said.

However, the plans are available which are very affordable and these can be bought by customers who cannot afford comprehensive health insurance plans, he added.

The Corona Kavach policy, which can be availed by a person between 18 and 65 years of age, comes with an optional cover of daily cash benefit of 0.5 per cent of the sum assured during the period of hospitalization subject to a maximum of 15 days.

Corona Kavach can be availed for self, spouse, parents, parents-in-law and dependent children up to 25 years of age.