Corona Kavach, a standardized Health Insurance policy developed to meet the treatment requirements for covid-19, was launched on 10th July and is currently being offered by both general and health insurance companies. The term of this policy ranges between three-and-a-half to nine-and-a-half months, with the maximum insured amount of being Rs. 5 lakhs.
Amidst the increasing cases of coronavirus in the country, the Corona Kawach health insurance policy has observed good response just within few days of its launch by nearly all insurers. The Insurance Regulatory and Development Authority of India (IRDAI) has allowed insurers to launch corona Kavach policy for the purpose of covering medical expenses of the covid-19 positive patients.
The Head of Health Insurance at Policybazaar.com, Mr. Amut Chhabra said that “The response has been tremendous as people are quite eager to buy these plans. Since these plans have gone live on the PolicyBazaar’s website, the company has been selling 300-500 policies per day”. He further added that “the policies are very much affordable like Rs 208 monthly, which is a fairly cheap amount”. He told that majority of the customers were young individuals.
The Corona Kavach policy can be availed by anyone in the age group of 18 to 65 years, and also offers an optional cover of daily cash benefit worth 0.5 per cent of the assured sum amount, during the period of hospitalization with maximum being 15 days. Any co-morbid condition triggered due to the coronavirus shall also be covered during the period of hospitalization.
Mr Chhabra also mentioned that the response to this policy is from across the country and “following the same trend as the corona situation right now in the country with people from Maharashtra, Tamil Nadu, Karnataka, Delhi NCR showing massive interest in the newly launched plans”.