IRDAI issues guidelines for Covid-19 insurance coverage


IRDAI issues guidelines for Covid-19 insurance coverage

As the number of COVID-19 cases are increasing everyday, guideline has been issued by the Insurance Regulatory and Development Authority (IRDAI) for a standard Covid-19 health policy. IRDAI has also asked the insurance companies to offer the same from July 10    


With the rising number of COVID-19 cases, the Insurance Regulatory and Development Authority (IRDAI) has issued guidelines for a standard Covid-19 health policy and asked the health insurance companies to offer the same from July 10 and it is compulsory.


As per IRDAI, there can be two types of policies. One, a regular indemnity policy covering the disease with the tenure ranging from 3.5 months to 9.5 months called Corona Kavach. The other one is an optional standard benefit cover which pays out a fixed amount, called Corona Rakshak.


The Corona Kavach plan includes hospitalisation expenses up to the sum insured amount chosen by the policyholder for the treatment of COVID-19 on positive diagnosis in a government authorised diagnostic centre, including the Intensive Care Unit expense, intensive Cardiac Care Unit (ICCU) expenses, medicines and drugs costs, ambulance expenses upto Rs 2,000.


For those opting for Home Care Treatment, this will cover the costs of treatment incurred by the policyholder on availing treatment at home for a maximum of 14 days provided that the home treatment is advised by a medical practitioner and there is a continuous active line of treatment with monitoring of the health status by a medical practitioner for each day through its duration. It will cover diagnostic charge, nursing charge, cost of pulse oximeter, oxygen cylinder and nebulizer.


The policy will cover medical expenses of 15 days of pre-hospitalisation and 30 days of post-hospitalisation. The IRDAI has also provided for covering Ayush Treatments under the scheme. IRDAI has clarified that the standard Covid-19 health policy shall include the cost of treatment for any co-morbid condition including pre-existing co-morbid conditions along with the treatment for Covid-19.


IRDAI guidelines says that this policy will offer payment of 0.5 per cent of sum insured per day for each 24 hours of continuous hospitalisation. The benefit shall be payable for a maximum up to 15 days during a policy period in respect of every insured person.


IRDAI has capped the minimum sum insured at Rs 50,000 and a maximum at Rs 5 lakh under COVID Standard Health Policy. The regulator has asked insurance companies to ensure that the premium is kept affordable. There is also a 5% discount for healthcare workers.  

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