IRDA Announced The Covid Kavach Insurance For Customer It Cover The Treatment At Home

We used to think that India is doing far better than the other country in terms of the Covid-19 cases, but now we are watching it’s gradually increasing day by day like the other country, and it is spreading rapidly among people.

Indian has reported the 5 lakh cases till now, and there is no guarantee that it will stop at which point as there is no vaccine till now. However, a few days ago the Yog Guru Babaramdev also claimed that he has got the cure of the Corona virus and he advertised his medicine coronil in the market.

On the other hand, the IRDA( Insurance Regulatory and Development Authority of India) has permitted the Health insurance companies to provide short-time insurance to people.

IRDA asked the Insurance companies to provide the short term scheme or the COVID medical insurance or the COVID kavach insurance by July 10, not only this they ordered to the Insurance Companies that they have to provide it to everyone customers, This would be 2 types, Like Corona Kavach in which the facility of the treatment of corona will be available and the other hand the Corona Rakshak Where customer will get the policy of 5 lakh.

Let find them in detail.

What this policy would be?

IRDA had made the mandatory guidelines to the insurance companies where these policies would be kept under Three and half months, six and a half and nine and half months, and this will provide the coverage if infected with corona.

The policy won’t be less than 3 months, and if that would be more than 12 months it will not count as the short term health policy.

This will available till 31 march 2021, and even they asked for the insurance companies to work on that products whose waiting period won’t be more than the 15 days, and this policy range will be Rs 50 thousand to the Rs 5 lakh.

It will cover the Treatment At Home

IRDA also said that “Corona Armor Insurance” would be the name of the products, however, the companies also add the additional name after it as well.

In was clearly mentioned in the Guidelines that the premium of this policy would be uniform across the country, and it couldn’t be different according to the region and the geographical location, and the insurance companies have to include the cost of the Treatment of COVID as well as the other chronic or the New kind of disease in this scheme.

With this Scheme, all the expenses will be covered before and after the hospitalization, or treatment at home, treatment under Ayush and Hospitalization, and IRDA had ordered that it should be available before 10 July 2020

You can check The Guidelines here