Categories: Business

Insurance companies launch short term corona kavach policy

Photo: PTI File Photos

corona insurance policy

new Delhi. Several insurance companies have on Friday introduced a Corona Kavach Health Insurance Policy for short term to 'cover' the cost of Kovid-19 treatment. The insurance companies have taken this step, following the deadline of insurance regulator IRDA. Amid rising cases of corona virus infection, the Insurance Regulatory and Development Authority (IRDA) had asked general and health insurers to introduce the Corona Kavach Health Insurance Policy by July 10. The number of Kovid-19 infected cases in the country has reached nearly 8 lakhs and the number is increasing day by day.

According to the guidelines of the Insurance Regulatory and Development Authority (IRDA), for a short term, the policy can be for three and a half months, six and a half months and nine and a half months. The insurance amount ranges from Rs 50,000 to Rs 5 lakh (in multiples of Rs 50,000). According to the regulator, the premium payment will have to be made once and the premium amount will be the same throughout the country. Inaugurating the Corona Armor Policy, HDFC Ergo said that if a case of corona infection is found after investigation at a government recognized testing house under the new health insurance policy, the medical expenses of hospitalization will be borne by the hospital for its treatment. According to the company, if the patient has other disease with Kovid-19, then the cost of treatment with virus infection will also come under its purview. In this, the cost of road ambulance will also come in the case of hospitalization due to virus.

According to HDFC Argo, the policy also includes 14 day care expenses in the homes. This will be for those who prefer treatment in their home. Apart from this, Ayurveda, homeopath and other treatment options will be covered under the policy.

Bajaj Allianz General Insurance has also introduced this type of insurance policy. The company has fixed the premium for basic insurance cover from Rs 447 to Rs 5,630. GST will be levied separately on this. The insurance premium is dependent on the age, insurance amount and duration of the person. Krishnan Ramachandran, managing director and chief executive officer of Max Bupa, said that the premium of the corona policy of Max Bupa is competitive. For a person between 31 and 55 years, the policy premium of Rs 2.5 lakh is Rs 2,200. The premium for two adults and two children of the same age is Rs. 4,700. "In addition, ICICI Lombard General Insurance is also bringing the Corona Armor Policy.

This post was published on July 11, 2020 12:06 am

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