Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has permitted all the general as well as standalone health insurance companies to offer Corona Kavach Policy as a group insurance product. As a result, in next to no time, it will allow various organizations and companies to buy this COVID-19 health insurance policy for their employees.
As per the mandate by the insurance regulator, IRDAI, a number of general and health insurance companies have come up with the standard corona-specific insurance plans, Corona Kavach, whereas not all of them have emerged with the optional benefit-based plan, namely Corona Rakshak.
In a nutshell:
COVID- 19 Kavach is basically an indemnity type insurance plan.
This plan is available for individuals as well as families.
This policy will provide the sum insured of up to ₹ 5 lakh for hospitalization expenses associated with COVID-19.
It will, also cover consumables such as PPE kit, masks, gloves, and other alike expenses incurred during the treatment of coronavirus.
This plan also covers ICU and ventilator charges.
In addition, the plan covers the costs of the oximeter and oxygen cylinder.
This policy can be purchased for oneself, parents, parents-in-law, spouse, and dependent children up to the age of 25.
Have a look at the below table for some insurers’ premium rates for a 35-year-old man for a ₹ 5 lakh plan:
Insurer Corona Kavach premium 3.5 Months 6.5 Months 9.5 Months
ManipalCigna Health Insurance
₹ 1923
₹ 3678
₹ 5370
Tata AIG General Insurance
₹ 1994
₹ 2735
₹ 3419
Max Bupa Health Insurance
₹ 1658
₹ 2210
₹ 3260
IFFCO Tokio General Insurance
₹ 1167
₹ 2037
₹ 2731
National Insurance
₹ 1360
₹ 1975
₹ 2385
Star Health & Allied Insurance
₹ 1408
₹ 1690
₹ 1901
United India Insurance
₹ 620
₹ 1140
₹ 1660
Bajaj Allianz General Insurance
₹ 792
₹ 1056
₹ 1320
Oriental Insurance
₹ 636
₹ 1039
₹ 1286
Edelweiss General Insurance
₹ 609
₹ 966
₹ 1260
Future Generali Health Insurance
₹ 552
₹ 695
₹ 839
Comments