IRDAI Plans to Battle Coronavirus With Indemnity Based Corona Kavach

The coronavirus pandemic has taken the world by a storm. Needless to say, the impact of this virus is being experienced by all, and it has become the need of the hour to ensure protection against the virus.

While there are a few home remedies like maintaining an active lifestyle along with socially distancing yourself from others, a health insurance policy shall add a safety layer to your protective measures.

The regulator, Insurance Regulatory and Development Authority of India (IRDAI), has introduced the Corona Kavach policy from 10th July 2020. This policy is available with all leading insurance companies. There are various options of coverage that you can opt ranging from ₹50,000 to ₹5 lakhs.

Let us look at some of the key features of Corona Kavach policy:

#1 Individual and family floater options

The policy is available in individual as well as family floater variants. Suppose you wish to insure your entire family from the virus, it is possible using a Corona Kavach policy. Alternatively, you can purchase separate policies with a different sum assured amount for each family member, depending on your estimate of their exposure to the risk of the virus.

#2 Multiple sum assured options

This policy is available in different sum assured amounts. The minimum coverage starts at ₹50,000 and extends all the way up to ₹5 lakhs. You can select a suitable sum assured depending on your requirement.

#3 Extensive eligibility

Everyone between the age of 18 to 65 is eligible to purchase a Corona Kavach policy. You can explore family health insurance in case you are looking for coverage options for your family too. You can include your spouse, your parents, in-laws, and your children up to the age of 25 years.

#4 Low waiting periods

The waiting period under a Corona Kavach policy is as low as 15 days. Unlike traditional health insurance plans, you need not wait for months to be covered by your insurance company.

#5 Minimal sub-limits

The sub-limits under a Corona Kavach policy are minimal and reasonable. Say, for example, the capping on the number of days covered for each incident is 15 days. It is based on the average recovery time for each individual. Make sure you read such sub-limits that are included in your policy terms.

#6 Hospitalisation and home care treatment coverage

Your Corona Kavach policy includes treatment in hospitals as well as home care. Not all individuals are required to get admitted to a hospital. On the advice of your medical professional, you may be suggested home care treatment too. This policy covers the costs required for home care treatment including the cost of diagnostic treatment, medicines prescribed and more.

#7 Coverage for pre and post-hospitalisation expenses

This policy not only ensures your medical bills are settled, but also any financial assistance that you might require before and after hospitalisation. It covers 15 days of pre-hospitalisation and 30 days of post-hospitalisation coverage.

Opting for a Corona Kavach policy can ensure you, as well as your family remains protected in these torrid times. Do not ignore a health insurance policy and leave yourself exposed to the dangers of coronavirus. Evaluate your budget, compute your premiums with the health insurance premium calculator & get a safety net in the form of Corona Kavach policy and stay rest assured.


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