IRDAI allows launch of ‘Corona Kavach’ insurance policies

General and Health Insurance companies has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to launch short-term ‘Corona Kavach’ health insurance policies. The short-term “Corona Kavach” health insurance policy will cover medical expenses occurred due to coronavirus disease. The policy will also offer for any co-morbid condition caused due to COVID-19 during the period of hospitalization.

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About the Corona Kavach policy:

  • IRDAI has designed a standard Covid specific product which addresses the basic health insurance requirements of insuring public containing common policy wordings across the industry.
  • The sum insured amount of the policy ranges from Rs 50,000 to Rs 5,00,000.
  • Person between the age of 18 to 65 years can avail the benefits of the policy.
  • People will be able to avail the Corona Kavach policy for Self, spouse, parents, parents-in-law as well as dependent children up to 25 years of age.

Important takeaways for all competitive exams:

  • Chairman of Insurance Regulatory and Development Authority of India: Subhash C. Khuntia.

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