Standard Coronavirus Health Insurance Policy Guidelines By IRDAI

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Though following Social Distancing, Isolation and Quarantine buzz words some peoples get infected with Coronavirus. The treatment cost is unaffordable to some of them. Taking these difficulties of common man in to consideration Insurance Regulatory & Development Authority of India has recently formulated guidelines for two standard Coronavirus health insurance products. These two are Corona Kavach Health Insurance and Corona Rakshak Health Insurance. The details are as follows:

1) CORONA KAVACH HEALTH INSURANCE: This is indemnity based health insurance for age group between 18 to 65 years. Sum insured is between Rs 50,000/- to 5,00,000/- with policy duration of 3.5, 6.5 and 9.5 months. This is family floater policy.CORONA

2) RAKSHAK HEALTH INSURANCE: This is benifit based health insurance (pays in lumpsum) for age between 18 to 65 years. Sum insured is between Rs 50,000/- to 2,50,000/- with policy duration of 3.5, 6.5 and 9.5 months. This policy covers individuals only

Difference between these two is illustrated with following table:

Standard policy means structure will same for all operators. These policy have benefits of portability in its tenure. Many of the operator provide these two standard policies in their portfolios. So select your insurance operator which have high claim settlement ratio. Premium is set by IRDAI guidelines and affordable by common man. You can start with as low as Rs 700/-. All other facilities of health Insurances is applicable to these standard policies. Please note IRDAI is regulator not a operator. Operator may be any Public or Private Health or General Insurance Company.

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