New Delhi | Jagran Business Desk: From July 10 onwards, all Insurance Regulatory Development Authority of India (IRDAI)-regulated Insurance providers will have to offer ‘Corona Kavach’ and ‘Corona Rakshak’, the standard health insurance policies specific to coronavirus infection.

The policy will have to be reimbursement-based standard Covid-19 product, whereas the benefit-based product remains optional for specific insurance providers. The tenure of these COVID-19 specific policies will reportedly range from 3.5 months to 9.5 months, depending on the insurance company.

What will ‘Corona Kavach’ cover?

IRDAI has said that while being a coronavirus-specific policy, indemnity based ‘Corona Kavach’, will cover the cost of treatment of any co-morbid conditions, including pre-existing conditions, alongside the treatment for the coronavirus infection. It will cover the hospitalisation costs for up to 14 days, including the costs of pulse oximeter, oxygen cylinder and nebulisers.

Under an indemnity based policy, the policyholder is reimbursed the hospitalisation costs incurred by him or her during the treatment, up to the amount assured by the Insurance provider at the time of signing up for the Insurance policy.

According to the IRDAI guidelines, the minimum sum insured as for those holding ‘Corona Kavach’ Policy will be Rs 50,000 and the maximum sum insured would be Rs 5 lakh. The IRDAI has also mandated 5% discount for the healthcare workers.

What will ‘Corona Rakshak’ cover?

‘Corona Rakshak’ is a standard benefit-based policy, under which an already agreed upon lump-sum amount is given to the policy holder upon the diagnosis of COVID-19 infection.

For ‘Corona Rakshak’ Policy, the minimum sum insured has been set at Rs 50,000 and the maximum limit is set at Rs 2.5 lakh.

Both of the policies have been launched with 15 days waiting period as a defining criteria of policyholder-policy provider relationship, during which no claim will be accepted by the Insurance provider.

Posted By: Abhinav Gupta