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July 22, 2020

IRDAI permits insurers to sell Corona Kavachas group health insurance policy

By Verdict Staff

The Insurance Regulatory and Development Authority of India (IRDAI) has permitted health insurers in the country to offer Corona Kavach as a group insurance policy for public and private sector companies.

This decision will enable both private and public firm to buy protection for their workforce in the wake of rising Covid-19 cases in the country.

The regulator required all insurers to introduce Corona Kavach health insurance policy for both individuals and families for Covid-19 treatment.

Its release reads: “The group policy can provide protection to a large number of employees engaged in manufacturing, services, SMEs, MSMEs, logistics sector, migrant workers and bring peace of mind to them, their family members and the employers.”

According to insurance firms, the Corona Kavach policy has received good response after its launch on 10 July.

Thirty insurers in the country have begun providing the policy.

If a group consists of doctors, or healthcare workers, IRDAI said. “A discount of 5 per cent will also be available as a mark of recognition of their contribution in fighting the society’s battle against Covid-19.”

The insured amount under the policy ranges between Rs50,000 and Rs500,000.

Corona Kavach policy can be issued for three-and-a-half months, six-and-a-half months and nine-and-a-half months.

Last month, IRDAI outlined fresh guidelines for Covid-19 health polices as the coronavirus cases continue to surge in the country.

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