The regulator had allowed insurance companies to come out with Corona Kavach, which is an indemnity plan and it can able to cover all the hospitalization expenses.
In this pandemic time, more people are buying health insurance policies. The Covid-19 specific policies, which were launched by insurance companies on July 10, which has high demand, through this policy people can able to cover all hospitalization expenses. The insurance policy ‘corona kavach, sold around 7.5 lakh policies and which have collecting premium about Rs 215 crore, while ‘Corona Rakshak’ have received premiums worth Rs 29 crore by selling 1.83 lakh policies.
The data from Irdai shows that within the current fiscal year till July, insurance has seen premiums of Rs 18,415.52 crore compared with Rs 16,674.72 crore in last year at the same time, an increase of 10.44%. Health is now an important part of the non-life insurance industry in terms of premium followed by motor insurance. Within the last 20 years, there have been around 500 health products, but since March this year, the insurance regulator has approved 131 new health products.
In this COVID-19 period, the government had permitted the insurance company to introduce the corona kavach, which is like an indemnity plan and which can able to overcome all the hospitalization expenses. The insurance Corona Kavach policy ranges from Rs 50,000 to Rs 5 lakh.
Corona Rakshak is like a fixed benefit plan in which if the policyholder is diagnosed with Covid-19 and the individual who is hospitalized for 3 days then a hard and immediate amount will give by the insurance company. The total people insured in this policy is Rs 50,000 to Rs 2.5 lakh. The policy tenure is for 3.5 months, 6.5 months, and 9.5 months, the waiting period is for 15 days.
The fear factor in the mind of all people about the corona, force them to buy the ‘corona kavach ‘policy. It has been very useful in this pandemic period. The people are short-term policy which is cheaper, so all categories can afford it. That large numbers of individuals are taking cover of 9.5 months. Many lives are covered by this insurer, under the kavach policy 12.86 lives are covered, and in corona Rakask 2.17 lakh lives are covered.
