The Insurance Regulatory and Development Authority of India (IRDAI) has allowed the general and standalone insurers to offer Corona Kavach policy as a product of Group health insurance amid covid surge in the country. Following this order, many insurers have included Covid 19 insurance as an add-on to the existing insurance.
The IRDAI order for Corona Kavach Policy
The IRDAI press release issued on July 21, 2020, states:Insurers are allowed to offer Corona Kavach Policy as a group product. The insurer needs to comply with the norms specified below for this product.
- Insurers are allowed to use the standard product name for the group policy after adding the word “group”, provided all terms and conditions as applicable to the standard individual policy remain the same except premium rate and specification on operation of group policy.
- The insurers shall determine the price keeping in view the cover proposed to be offered subject to compliance with the norms specified in the IRDAI (Health Insurance) Regulations, 2016 and Guidelines notified there under.
- The product shall be filed on use and file basis by duly complying with the norms specified in Chapter IV of Guidelines on product filing in health insurance business as modified from time to time.
- This group product shall comply with all the other applicable norms stipulated under “Guidelines on Product filing in Health Insurance business”.
What is Corona Kavach policy
The Corona Kavach policy both for individuals and families was introduced in July 2020. According to the terms of the policy, the individuals will get reimbursed for the actual expense incurred during the COVID treatment. Apart from this the policy also covers the expenses upto 14 days of hospitalization for the insurer.
Terms and conditions
- The policy’s term ranges from three-and-a-half months to nine-and-a-half months. The maximum sum insured is 5 lakhs.
- People aged from 18 years to 65 years are covered under the policy.
- The dependent children upto 25 years of age are covered from day 1.
- People above 65 years of age may be covered as per the product design and underwriting policy of the company.
Corona Kavach policy- India
In India around 30 companies offer the Corona Kavach policy and mostly they do not extend the policy’s coverage to people above 65 years of age. And these insurers cover hospitalization costs, home care treatment, medical expenses towards Ayush treatment, pre-hospitalisation medical expenses and post-hospitalisation medical expenses.For the detailed list of insurance providers, benefits and other terms and conditions on Corona Kavach policy, click here
How to claim the Corona Kavach policy?
- As soon as you know you know you are positive for Covid-19, inform the insurer with a valid RT-PCR test report.
- Check for the policy’s waiting period if there are any, because if you have taken a new policy you will be eligible for the claim after the waiting period. Say 15 to 30 days in most cases.
- If the hospital you opt is under the network hospital in your insurance plan, opt for a cashless claim.
- Once the cashless claim is initiated after verifying the details, then the hospital will submit the bills directly to the insurer.
- In case the cashless claim is unavailable in the hospital you opt, then opt for a reimbursement claim after verifying the details with your insurance provider.
- Covid-19 medical treatments bills, diagnostic reports, discharge summary, valid identity proof and health insurance card are some of the documents that have to be kept before / while applying for an insurance claim.
What is Corona-Rakshak policy
Unlike the Corona Kavach policy the Corona Rakshak policy covers only one individual and covers treatment costs, provided the policy holder has been hospitalised for a minimum of 72 hours continuously. It also covers costs for purchasing necessary equipment like PPE kits, masks, oxygen cylinders, oximeters and gloves for an individual. Just like the Corona Kavach policy it covers individuals aged between 18 to 65 years and the sum insured is between Rs.50000 to 5 lakhs.
The coverage for Covid-19 health insurance varies from one insurer to another. Always read the policy brochure and policy wordings carefully before opting for any insurance plan.Also Read - Covid-19 Vaccination for your employees