Sticking to the stiff deadline set by the regulator IRDAI, several insurance companies on Friday launched short-term 'Corona Kavach' health insurance policies to cover the treatment expenses of COVID-19.
Amid rising cases of coronavirus in the country, the Insurance Regulatory and Development Authority of India (Irdai) had asked general and health insurance companies to launch 'Corona Kavach' health insurance policy for the benefit of the people by July 10.
The COVID-19 cases in the country mounted to around 8 lakh and the number is growing.
According to the Irdai guidelines, the short-term policy can be of three-and-a-half months, six-and-a-half months and nine-and-a-half months with a sum insured ranging from Rs 50,000 to Rs 5 lakh (in multiples of Rs 50,000).
It also said that mode of payment should be single and same premium on pan India basis without any consideration of the geographic location.
Launching its Corona Kavach policy, HDFC ERGO said the new indemnity health policy will offer cover against medical expenses incurred due to hospitalization of individuals seeking treatment for COVID-19, on positive diagnosis for the virus in a government authorized diagnostic centre.
In addition, the policy will also cover expenses incurred on treatment of co-morbidity along with the treatment for COVID-19, the company said, adding it will also cover road ambulance expenses, in case the service is opted for the purpose of hospitalization due to the virus.
"Home Care Expenses benefit (up to a period of 14 days) will also be covered in the policy for those seeking treatment within the comfort of their own homes, on the advice of a medical practitioner. Additionally, expenses incurred for inpatient care treatment taken under Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy (AYUSH) systems of medicines will also be covered under the policy," the HDFC ERGO said.
The policy, which will be available for a minimum sum insured of Rs 50,000 up to a maximum of Rs 5 lakh, can be purchased online.
Introducing the product, Bajaj Allianz General Insurance said the premium for the base cover ranges between Rs 447 to Rs 5,630 excluding GST, which varies depending on the age of the person, the sum insured and policy period opted.
The premium for hospital daily cash optional cover is between Rs 3 to Rs 620 excluding GST depending on the age of the person, the sum insured and policy period opted, it added.
"So for instance, if a person between 0-35 years wants to opt for a base cover with a sum insured of Rs 50,000 for three and a half months, the customer needs to pay Rs 447, excluding GST," the insurer added.
Krishnan Ramachandran, MD & CEO, Max Bupa Health Insurance said the Corona Kavach plan from Max Bupa is competitively priced. The premium for Rs 2.5 lakh cover for an adult (31-55 yr. age group) is around Rs 2,200 and for 2 adults & children for the same age group, it is around Rs 4,700.
"The growing incidences of Covid-19 cases in the country have made people prioritise their health. The Health Insurance awareness is at an all-time high and possibly the highest we have seen in the last decade," he said.
ICICI LOMBARD General Insurance Co will also be filing its 'Corona Kavach' product on Friday.