The insurance regulatory body has allowed health insurers to offer 'Corona Kavach' as a group insurance product. The Insurance Regulatory and Development Authority of India (IRDAI) took this decision to help the public, private sector companies and other business entities to provide insurance cover to their employees. IRDAI, in a circular, said, "This standard group policy is expected to be useful to various private and public establishments for covering the COVID-19 related medical needs of their employees".
"The group policy can provide protection to a large number of employees engaged in manufacturing, services, SMEs, MSMEs, logistics sector, migrant workers and bring peace of mind to them, their family members and the employer," the regulator said.
It added that Corona Kavach as a standard group insurance policy will also be useful for various categories of frontline workers, saying, "A discount of 5 per cent will also be available as a mark of recognition of their contribution in fighting the society's battle against COVID-19".
All terms and conditions of the standard policy will be the same as that for the Corona Kavach policy except premium rate and specification on the operation of group policy, Irdai added.
Prasun Sikdar, Managing Director and CEO, ManipalCigna Health Insurance Company Limited said, "We are grateful to the regulator to bring a COVID-19 Standard Health Policy in the interests of the citizens during these challenging times. This policy can provide millions of people access to quality healthcare and help take away some of the financial burden so they can focus on their recovery with greater peace of mind".
"Corona Kavach is a specific reactive care hospitalisation indemnity plan which covers hospitalisation expenses in case of inpatient admission due to COVID-19 infection and any other co-morbidity which a patient may have," Mayank Batwal, CEO, Aditya Birla Health Insurance said.
"The group Corona Kavach Policy policy shall be filed on Use and File basis by duly complying with the norms specified in Chapter IV of Guidelines on product filing in the health insurance business as modified from time to time," IRDAI said in a statement.
As per insurance companies, the individual Corona Kavach health indemnity policy has received a good response after its launch on July 10. All 30 insurers have started offering the policy.
The individual short-term Corona Kavach policy can be issued to the public for durations of three-and-a-half months, six-and-a-half months, and nine-and-a-half months. The minimum sum insured under this is Rs 50,000 and the maximum sum insured is Rs 5 lakh.Also read: Insurers report good response to Corona Kavach health insurance policy
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today