Government to bring special COVID insurance policy by July 10

In view of the increasing cases of corona virus, Insurance Regulatory and Development Authority of India (IRDA) has given insurance companies a short-term Standard Covid Medical Insurance Policy (COVID Insurance Policy) by July 10, amid the increasing number of corona virus infection cases in the country or to introduce Kovid Kavach Bima.

Government to bring special COVID insurance policy by July 10

Issuing guidelines in this regard, IRDA said that these insurance policies can be kept for three and a half months, six and a half months and nine and a half months. The standard Kovid insurance policy can be between 50 thousand rupees to five lakh rupees.

These insurance will come in the name of 'Corona Kavach Insurance'

The regulator said that the names of such products should be 'Corona Armor Insurance'. Companies can add their name after this. The guidelines said that a single premium will have to be paid for these insurance products.

Their premiums should be uniform across the country. These insurance products may not have different premiums depending on region or geographical location.

These expenses will be covered

IRDA says that these insurance products should include the cost of treatment of Kovid as well as any other chronic or new disease. Under this, expenses will be covered before and after hospitalization, treatment at home, treatment with AYUSH and hospitalization.

The regulator said that general and health insurance companies should ensure that such products become available before 10 July 2020.

Help with home care too

After the corona patient is sent home from the hospital, separate arrangements have to be made for his care. Noting this, IRDA has said that the insurance company should pay the policyholder for the care of his home when issuing the policy. This cost should be for a maximum of 14 days of housekeeping. For this, the return of expenditure should be scattered by observing the situation at that time, IRDA said. In addition, IRDA has advised insurance companies to pay medical expenses before and after hospitalization in the policy.

Features of Corona Policy -

Name of the policy: Corona Kavach Policy

Policy Term: Three and a half, six and a half or nine and a half months

Insurance cover: From Rs. 50,000 to Rs. 5 lakhs

Premium: Single premium, premium will be the same across the country

Expenses: In addition to hospital and treatment, you will also get the cost of home care