To be mandatorily termed as “Corona Rakshak Policy’’ it has been made mandatory for all the general insurers and exclusive health insurers, while life insurers have been encouraged to launch such products(benefit based) .  
The benefit based policies, to be launched by a life insurers, will have a minimum sum insured of Rs50,000 and a maximum limit of Rs.2,50,000 (in the multiples of fifty thousand).For the standard covid indemnity policies, to be launched by the domestic  general insurers and exclusive health insurers, the maximum sum assured can be Rs 5 Lakh (in the multiples of fifty thousand)
Both COVID Standard benefit based health policy  and indemnity based health policies should  be offered with a policy term of three and half months (3 ½ months), six and half months (6 ½ months) and nine and half months (9 ½ months) i.e,105 days,195 days and 285 days respectively, clarified IRDA..