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All general and standalone health insurers will offer standard health policy for coronavirus disease (Covid-19), the Corona Kavach Policy, from Friday.

The Insurance Regulatory Development Authority of India (IRDAI) has made it mandatory for general and health insurers to provide the reimbursement-based standard Covid-19 product and the benefit-based product as optional.

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Insurance companies will offer ‘Corona Kavach’ and ‘Corona Rakshak’ from Friday.

The regulator has said that despite being a coronavirus-specific policy, the standard indemnity-based Covid-19 policy, ‘Corona Kavach’, will cover the cost of treatment of any co-morbid conditions, including pre-existing conditions, along with the treatment for the coronavirus infection or disease.

Its tenure will range from 3.5 months to 9.5 months.

Under an indemnity plan, a policyholder is reimbursed the hospitalisation expenses actually incurred by the policyholder to the extent of the sum insured.

All life, general and health insurance companies have been encouraged to offer standard benefit-based policy, ‘Corona Rakshak’, which hands out a pre-agreed lump-sum upon diagnosis.

IRDAI has said that the premium under both the products shall be the pan-India basis and no geographic location or zone-based pricing will be allowed.

The minimum sum insured for the Corona Kavach Policy will be Rs 50,000 and the maximum sum insured would be Rs 5 lakh, according to the IRDAI guidelines. There is also a 5% discount for healthcare workers.

However, for Corona Rakshak Policy, the minimum sum insured would be Rs 50,000 and the maximum limit is set at Rs 2.5 lakh.

Corona Kavach policy will be an indemnity-based policy but optional cover shall be made available on a benefit basis. The base cover will offer hospitalisation expenses like room and boarding charges along with PPE kits, gloves, masks and such other similar expenses and even AYUSH treatment.

Corona Kavach will also cover home care treatment expenses of up to 14 days, if it involves an active line of treatment and is done on a medical practitioner’s advice, among other conditions. The cost of pulse oximeter, oxygen cylinder and nebulisers will also be covered under this policy.

Corona Rakshak, the single-premium plan, will pay out 100% of the sum insured as lump-sum if the policyholder is hospitalised, at least for 72 hours, after testing positive for Covid-19.

The sums insured under the product will range from Rs 50,000 to Rs 2.5 lakh. The policy will cease to exist once the claim is paid out.

There is no option to pay premiums in instalments for both these products. Both policies will come with 15 days waiting period, during which no claim will be accepted.

Policyholders can avail of the services on a cashless basis, which shall be arranged by the insurer through network providers.

The minimum entry age for both the policies will be 18 years and the maximum 65. Dependent children shall be covered from the age of three months to 25 years. However, only the indemnity policy comes with the family floater option.

The policy tenure could be 3.5 months, 6.5 months or 9.5 months, including the waiting period, and health insurance rules such as lifelong renewability, migration, and portability shall not be applicable to these products.

(With agency inputs)

Source :

‘Corona Kavach’, ‘Corona Rakshak’ insurance policies on offer from today: Premium, tenure, benefits
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