Insurance companies launch short-term Corona Kavach policy

NEW DELHI: Sticking to the stiff deadline set by the regulator IRDAI, several insurance companies on Friday launched short-term ‘Corona Kavach’ health insurance policies to cover the treatment expenses of COVID-19.

Amid rising cases of coronavirus in the country, the Insurance Regulatory and Development Authority of India (Irdai) had asked general and health insurance companies to launch ‘Corona Kavach’ health insurance policy for the benefit of the people by July 10. The COVID-19 cases in the country mounted to around 8 lakh and the number is growing.

According to the Irdai guidelines, the short-term policy can be of three-and-a-half months, six-and-a-half months and nine-and-a-half months with a sum insured ranging from Rs 50,000 to Rs 5 lakh (in multiples of Rs 50,000).

It also said that mode of payment should be single and same premium on pan India basis without any consideration of the geographic location.

Launching its Corona Kavach policy, HDFC ERGO 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 company said, adding it will also cover road ambulance expenses, in case the service is opted for the purpose of hospitalization due to the virus.

“Home Care Expenses benefit (up to 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. Additionally, expenses incurred for inpatient care treatment taken under Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy (AYUSH) systems of medicines will also be covered under the policy,” the HDFC ERGO said. (AGENCIES)