30 general and health insurers have launched standard ‘Corona Kavach’ policies on Friday as mandated by the insurance regulator IRDAI.

In view of the Covid 19 pandemic, the IRDAI had designed a standard Covid-19  specific product addressing basic health insurance needs of insuring public with common policy wordings across the industry.

The sum insured of this policy is between Rs.50,000 – Rs. 5 lakh and the customer can opt for this policy for a period of three and half months, six and half months and nine and half months and for the purpose of this policy any set-up designated by the government as hospital for the treatment of Covid will also be also considered as hospital.

For Bajaj Allianz General Insurance, the premium for the base cover ranges between Rs. 447 to Rs.5,630 excluding GST,depending on the age of the person, sum insured & policy period opted. Similarly, for an optional hospital daily cash cover on benefit basis the premium is between of Rs. 3 to Rs. 620 excluding GST, which varies as per age of the person, sum insured and policy period opted.

So for instance,if a person between 0-35 years wants to opt for a base cover with sum insured of Rs. 50,000 for three and a half months, the customer needs to pay Rs. 447, excluding GST. 

Illustration 1:For a family of 3 aged 25, 40 and 50 years, on individual sum insured of Rs 3 lakh each, total premium without GST would work out to Rs.7,235 for a nine and a half month policy. 
Illustration 2:For the same family for floater sum insured of Rs 3 lakh, total premium without GST would work out to Rs. 6,873 for a nine and a half month policy.

For ICICI Lombard General Insurance,a  policy tenure of 6.5 months for Rs 3 lakh sum Insured for an individual between 36-45 years, the premium amount will be 1,734/month (exclusive of Taxes)
 According to Bajaj Allianz General Insurance,it is mandatory to opt for base cover which entails Covid hospitalization expenses, home care treatments, AYUSH treatment, pre-hospitalization of up to 15 days and post hospitalization expenses of up to 30 days.Customer can also opt for an optional hospital daily cash cover on benefit basis along with the base cover, wherein the company will pay the insured person 0.5 pr cent of sum insured per day for each 24 hours of continuous hospitalization.

This policy has a waiting period of 15 days and can be opted on individual and family floater basis.

Bajaj Allianz General Insurance has more than 6,500 network hospitals and that coupled, with in-house health administration team, it aims to be there for its customers in the times of their need and offer them seamless service. 

HDFC ERGO General Insurance said the new indemnity health policy will offer cover against medical expenses incurred due to hospitalization of individuals seeking treatment for COVID-19, on positive diagnosis for the virus in a government authorized diagnostic centre. In addition, the policy will also cover expenses incurred on treatment of co-morbidity along with the treatment for COVID-19.

The ‘Corona Kavach’ policy indemnifies policyholders for medical expenses on hospitalization for the treatment of the virus and includes the expense incurred on treating co-morbidity along with COVID-19. The policy will also cover road ambulance expenses, in case the service is opted for the purpose of hospitalization due to COVID-19. Home Care Expenses benefit (upto a period of 14 days) will also be covered in the policy for those seeking treatment within the comfort of their own homes, on the advice of a medical practitioner,said HDFC Ergo General Insurance..

Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance,“We are fully committed in this battle against COVID-19 and will provide our customers with the much required ammunition like access to a wide network of over 11,000 cashless hospitals, swift & hassle-free claim settlements, several services available digitally on HDFC ERGO’s my:health App; all of which will be available to them with our policy.”

“As an added advantage,existing indemnity health policyholders can avail a 25 per cent discount and our Health Warriors, i.e. the Health care professionals, especially will be offered an additional 5 per cent discount on purchase of this policy,'' said Kumar..