By 10th July2020 all general and health insurance companies are directed to offer a COVID-19 standard health insurance policy by the Insurance Regulatory and Development Authority of India (IRDAI). Up to Rs.5 lakh will be provided for hospitalization expenses related to COVID-19 as it will be a standard health insurance policy for individuals and families. All the expenses used for the treatment of coronavirus and PPE Kit with consumables such as gloves, masks, etc. are provided to the people through this policy. On an indemnity basis, the base cover of COVID-19 standard health policy will be offered while optional cover will be made available on a benefits basis. Succeeded by the name of companies the policy will be named Corona Kavach Policy. Under standard coronavirus policy, these are the five key features. The insuring public will be taken care of by basic COVID-19 related health needs by the health insurance policy. It is a standard product with common policy wordings across the industry. Those who are above the age of 65 years can avail of this policy. Including waiting period policy can be issued for three and a half months and nine and a half months. Till March 31st, 2021, the policy issued under these guidelines will remain valid. As it is a standard product following their underwriting understanding insurers are allowed to price the product which means that the policy premium will vary across all insurers. Insurers will decide the premium based on their expectations of claim ratios which are based on certain assumptions. As the actuarial team of each insurer different assumptions the premium rates of the different insurance companies may be different, the number of services that all insurers offer is not the same. It is another reason for the different pricing. Naval Goel CEO and founder of policy X.com said. A maximum of 15 days in a policy period for every insured member will be paid by the company zero percent of the sum insured per day as if the insurer completed 24 hours of hospitalization for the treatment of a positive COVID-19 disease. Those who do not have a health insurance policy and are searching for one to protect them from the COVID-19 pandemic, this COVID-19 cover will be useful. If you don’t have a regular health insurance policy or if your health insurance coverage is low, the coronavirus insurance policy will be useful as low-cost protection. It is better to buy a regular top-up health cover since that will cover treatment both for coronavirus and other illnesses during such situations.
