The whole world is experiencing weakness and trouble due to the COVID-19 pandemic. As this virus is continuing unabated, the Insurance Regulatory and Development Authority of India (IRDAI) has asked the Health Insurance and General Insurance organizations to dispatch present moment COVID Standard Policy by July 15, 2020, with explicit name and features according to the rules given by the insurance controller.
In spite of the fact that the IRDAI rules used to contain standard features for insurance plans of similar categories, yet it would be the first instance that all the insurance agencies will dispatch a plan with a similar name as the insurance controller has coordinated that the terminology of the product will be Corona Rakshak Policy, prevailing by name of an insurance agency, (for example Corona Rakshak Policy, <name of insurer>) and no other name is permitted in any of the reports.
According to the rules given by the IRDAI, the Corona Rakshak Policy will have the following features and advantages:
- The minimum Sum Insured (SI) of the policy will be Rs 50,000, and maximum SI will be Rs 2,50,000 (in the products of Sum insured fifty thousand).
- The policy will be in three tenures, that is three and a half months, six and half months, and nine and a half months i.e, 105 days, 195 days, and 285 days separately.
- The base entry age to profit the policy is 18 years and the maximum is 65 years or more. A proposer with higher age can acquire policy for grown-up individuals from the family, without covering themselves.
- A lump-sum amount equivalent to 100 percent of the SI will be payable according to the policy on the positive conclusion of COVID, requiring hospitalization for a time of 72 hours. The test ought to be done from an administration approved diagnostic center for a substantial positive analysis of COVID for tolerability of claim request.
- The method of a premium of the policy will be single premium and the IRDAI has not fixed the premium rate of the policy, yet has coordinated that the premium under this item will pan India premise and no geographic area/zone-based estimating is permitted.
