On September 13, the Insurance Regulatory and Development Authority of India (IRDAI) increased the timeline for insurers to give away health policies related to the ongoing COVID-19 crisis up till March 31, 2022.
The two Covid-specific health policies, named: “Corona Kavach” and “Corona Rakshak” are meant for a short-term basis. Corona Kavach is a policy based on indemnity wherein the total insured amount slab starts from Rs 50,000 to Rs 250,000 including the expenses for the hospitalisation period.
On the other hand, Corona Rakshak is a standard benefit policy that confers a total sum of hospitalization for Rs 50,000 to Rs 5,00,000 considering around 72 hours after diagnosing the virus.
Excluding Agriculture Insurance Company of India (AIC) and ECGC, all other insurers are permitted to provide Covid specific health policies across the country. This initiative will avoid chaos amidst the mass and enable a proper flow of health policy sanctions by the concerned institutions.