The Insurance Regulatory and Development Authority of India (IRDAI) has designed a standard covid-specific product intended to address the basic health insurance needs of the general public.
The authority said it “has mandated general and health insurers to offer this indemnity-based covid standard health policy called ‘Corona Kavach’”.
The regulator has cleared 30 firms to market the policy.
Details
The product is available on an individual or family floater basis.
The single premium sum insured ranges from INR50,000 to INR5m (£52,826, $66,628, €58,762), increasing in multiples of INR50,000.
The policy period is available for three-and-a half months, six-and-a-half months or nine-and-a-half months.
It covers pre-hospitalisation expenses for up to 15 days, and post-hospitalisation expenses for up to 30 days.
Applicants must be between 18 and 65 years old.
“Any co-morbid condition triggered due to covid-19 shall be covered during the period of hospitalisation,” the IRDAI added.
