The insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI), has suggested two new policies specific to the COVID-19 pandemic and issued guidelines to insurers.
One of them - Corona Rakshak - is a single-premium cover that will pay 100 per cent as lump-sum to the policyholder on being tested positive and need hospitalisation for 72 hours or more. This plan does not have any deductible. Another plan Corona Kavach - is a single-premium indemnity health policy that covers hospitalisation as well as domiciliary expenses.
Who should buy and why?
Firstly, there are three segments of people who should buy it. One, those who don’t have any other health policy and COVID-19 leads to complications or attack of the heart. People suffering from salary cuts and layoffs can also avail of it. Thirdly, you may supplement your existing policies with Corona Kavach policy as this would protect you with additional sums insured.
Dr Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance debunks certain misconceptions that have emerged about this policy. “This Kavach policy covers home care treatment up to 14 days for COVID-19 cases, whereas normal health insurance policies do not cover it. The policy also comes with an optional hospital daily cash cover in which the insurer will pay up to 0.5 per cent of the sum insured for every 24 hours of hospitalisation.”
Premium and other features
These indemnity-based policy is available on individual and family floater with sum insured ranging between ₹50,000 and ₹5 lakh. It is available for three and half months, six and half months and nine and half months including the waiting period. The single mode of premium payment varies from insurer to insurer.
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