Insurance companies must launch Corona policy, IRDA announces guidelines

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New delhi date. Sunday, June 28, 2020

All life insurance and non-life insurance companies in the country will have to launch a special insurance policy for the treatment of corona by July 10. The Insurance Regulatory Authority of India (IRDA) has issued guidelines to all companies on this issue.

At present the insurance policy covers the treatment of corona but does not cover the PPE kit or other expenses. While the cost of these things is the highest in the treatment of corona. Apart from this, there is no restriction on room rent on admission to the hospital. So now the Director of Insurance, IRDA, has asked all the companies concerned to launch the policy by July 10.

Corona shield policy

The Insurance Regulatory Authority of India (IRDA) has asked all insurance companies to launch an indemnity policy in the name of Corona shield policy. An amount ranging from Rs 50,000 to Rs 5 lakh will be insured under this policy. The cost of treatment of each comorbid condition will also be included in this policy. The policy will also include the hospitalization cost of the policyholder. Apart from this, room rent, nursing charge, surgeon fee, specialist fee and telemedicine consultation will also be included.

Corona Guard Policy

Each insurance company has been asked to launch a fixed benefit policy in the name of the custodian of Coro. In this policy, if a policyholder comes to Corona positive, he has to be hospitalized for at least 72 hours, out of which the policyholder will get 100% of the sum assured. This policy will terminate after 100% Sum Insured. Only one person can take this policy. The minimum sum insured for this is 50 thousand which can go up to a maximum of two and a half lakh rupees. One person can take only one such policy.

The peculiarity of the policy

  • The minimum age for taking both these policies is 18 years and the maximum age is 65 years
  • Children from three months to 25 years will also be covered under this policy. However the option to reunite the family will only be in the ‘Corona shield policy’.
  • Both the policies will have a term of 3.5, 6.5 and 9.5 months with a waiting period of 15 days i.e. the policy will take effect 15 days after taking the policy.
  • The premium for both the policies will be the same across the country and the premium for both the policies will have to be paid at once.
  • The IRDA has asked all insurance companies to provide a 5% discount on the premium to those involved in health care.


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