COVID Health Insurance policies Corona Rakshak and Corona Kavach to be available from July 10


The Insurance Regulatory Development Authority of India (IRDAI) has announced the guidelines for two standard COVID-19 health insurance policies with similar features, terms and conditions. The insurance companies will extend a ‘Corona Kavach’ and ‘Corona Rakshak’ from July 10 to support people with more considerate health insurance coverage in their crusade against the coronavirus pandemic.

It is compulsory for both general and health insurers to offer the reimbursement-based COVID-19 product along with offering the benefit-based product is optional for all insurers. Despite it being a coronavirus-specific policy, the regulator said, “the standard indemnity-based COVID-19 policy named as ‘Corona Kavach’ will include the expense of treatment of any COVID related conditions, including pre-existing ailments, along with the treatment for the coronavirus infection and ailments/conditions extending from 3.5 months to 9.5 months. Distinctly, an indemnity plan compensates hospitalization charges incurred by the policyholder to the limit of the sum guaranteed.

Moreover, both general and health insurance companies have been prompted to provide standard benefit-based policy, ‘Corona Rakshak’. The premium for both the products shall be the uniform all over India India, according to the IRDAI. Reflecting on the regulator’s guidelines on consistent COVID-19 health insurance plans, Bharti AXA General Insurance Chief Underwriting and Reinsurance Officer Milind V. Kolhe said, “We welcome the regulator’s progress to bring the COVID insurance products at the time when it is necessitated the most. Customer-centricity is the central idea of these products during unusual times.”

The Corona Kavach policy will be an indemnity-based policy, but also an optional cover shall be made available on a benefits basis. The base cover will cover hospitalization expenses like room and boarding charges along with PPE kits, gloves, masks, and such other related expenses.

The Corona Rakshak will be a single-premium plan that will cover 100% of the insured amount if the policyholder is hospitalized for at least 72 hours after tested positive for coronavirus. The sums insured under the product will be for 105 days, 195 days, or 285 days, and will extend from ₹50,000 to ₹2.5 lakh. The policy will terminate once the claim is paid out. The minimum admission age for both the policies will be 18 years and the maximum is set at 65. Minor children shall be shielded from the age of three months to 25 years. But, only the indemnity policy comes with the family floater option. The policy time frame could be from 3.5 months, 6.5 months, or 9.5 months, including the waiting period.


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