Covid 19 Coronavirus Insurance Policy in India

Coronavirus Covid 19 insurance policy has been introduced by the insurance companies to cover the hospitalization expenses incurred due to Coronavirus. There are two types of Covid 19 specific policies which cover the corona related expenses which are: Corona Kavach and Croona Rakshak. Covid-19 pandemic is covered under all the group health insurance policies in India as per the latest direction of IRDA.

All the Group health insurance policies available in India would cover the expenses incurred for Coronavirus related treatment. To know more about your health insurance policy and coronavirus coverage please book a call with Ethika insurance.

Below is the list of Corona covered under the Group Health Insurance Policy:

• Corona Kavach: Corona kavach is a health insurance policy which can be offered to individuals and their families. The policy can also be offered to a group of individuals on a group basis.

• Entry Age:  The minimum age at entry is 18 years and the maximum entry age is 65 years. Children would be covered from day 1 up to 25 years of age.

• Floater: The policy can be offered to an individual as well as to a family. The sum insured under the policy can be offered on a floater basis and the definition of family would be as defined in the terms and conditions mentioned under the policy.

• Tenure: The policy is offered in 3 types of tenures such as 3.5 months, 6.5 months and 9.5 months after which the policy can be renewed for any tenure as mentioned above.

• Indemnity policy: It is a limited indemnity based policy in which the insured would be reimbursed only the expenses incurred due to hospitalization up to the sum insured mentioned under the policy.

• Waiting period: 15 days waiting period is applicable as mentioned under the policy after which the cover would be applicable.

• Room rent/ ICU Limit: No limit for room rent and ICU limit in the corona kavach policy. The actual expenses would be paid up to the limit of sum insured under the policy.

• Hospitalization expenses: The hospitalization expenses such as anesthesia, blood, oxygen, operation theater charges, surgical appliances, ventilator charges, medicines and drugs, costs towards diagnostics, diagnostic imaging modalities, PPE Kit, gloves, mask and such similar other expenses.

• Ambulance charges: The ambulance charges are paid up to Rs.2000 per hospitalization under the Corona Kavach insurance policy. The ambulance charges in terms of emergency usage of the ambulance.

• Sub limits:  Hospital Daily Cash is an optional cover of 0.5% of Sum Insured per day subject up to a maximum of 15 days in a policy period for every insured member. Home care treatment  under the policy can be availed for a maximum of up to 14 days per incident.

• Home care treatment: The home care treatment is covered under the corona kavach insurance policy up to the sum insured mentioned under the policy on the advice of a medical practitioner.

• Day care & OPD: Day care and OPD treatments will not be covered under the corona kavach policy as the treatment for corona would require either inpatient hospitalization or home care treatment for more than 24 hours.

• Pre & Post Hospitalization:The pre hospitalization expenses are covered up to 15 days prior to the date of hospitalization whereas the post hospitalization expenses are covered up to 30 days from the date of discharge.

• Coverage: The sum insured under the corona kavach policy ranges from Rs.50k to Rs.5 lakhs. Mid term sum insured enhancement is not permitted under the policy and is allowed only at the time of renewal.
• Premium installment facility: There is no premium installment facility for the Corona kavach insurance policies.
• PED: Any pre existing disease claim related to Covid-19 that has been diagnosed prior to the inception of the policy would not be covered under the corona kavach policy.
• Waiting period: There is a waiting period of 15 days under the corona kavach policy after which the claim would be settled under the policy.
• Group Policy: The corona kavach policy can be offered on a group platform subject to the minimum number of lives available under the policy. Pandemic covered group health insurance policy of Corona Kavach can be availed by visiting the Ethika insurance broking.
• Corona Rakshak: Corona rakshak is an individual health insurance policy which can be offered only to individuals and not their families. The policy can also be offered to a group of individuals on a group basis.
• Entry Age:  The minimum age at entry is 18 years and the maximum entry age is 65 years. Children would be covered from 1st day of birth up to 25 years .
• Floater: The policy can be offered only on an individual basis and family cannot be covered under the policy.

• Tenure: The policy is offered in 3 types of tenures such as 3.5 months, 6.5 months and 9.5 months after which the policy can be renewed for any tenure as mentioned above.

• Benefit based policy: It is a benefit based policy which means that the insured would be paid the entire sum insured under the policy, if diagnosed with coronavirus during the policy period.

• Waiting period: There is a waiting period of 15 days that is mentioned under the policy after which the cover would be applicable.

• Room rent/ ICU Limit: There is no limit for room rent and ICU limit under the corona kavach policy. The actual expenses would be paid up to the limit of sum insured under the policy.

• Hospitalization expenses: The hospitalization expenses such as anesthesia, blood, oxygen, operation theater charges, surgical appliances, ventilator charges, medicines and drugs, costs towards diagnostics, diagnostic imaging modalities, PPE Kit, gloves, mask and such similar other expenses.

• Ambulance charges: There is no special provision for ambulance charges under the corona rakshak insurance policy as the lump sum amount paid would include the ambulance and other charges as well.

• Sub limits:  There is no sub limits provision under the corona rakshak insurance policy as the sum insured is paid lump sum in case of hospitalization or diagnosis with the coronavirus.

• Home care treatment: The home care treatment is not covered under the corona kavach insurance policy as this policy requires a minimum of 72 hours of hospitalization for the claim to be admissible.

• Day care & OPD: Day care and OPD treatments are not covered under the corona kavach policy as the treatment for corona would require a minimum of 72 hours of hospitalization for the claim to be admissible.

• Pre & Post Hospitalization:The pre hospitalization expenses are covered up to 15 days prior to the date of hospitalization whereas the post hospitalization expenses are covered up to 30 days from the date of discharge.

• Coverage: The sum insured under the corona kavach policy ranges from Rs.50k to Rs.2.5 lakhs. Mid term sum insured enhancement is not permitted under the policy and is allowed only at the time of renewal.

• Premium installment facility: There is no premium installment facility for the Corona kavach insurance policies.

• PED: Any pre existing disease claim related to Covid-19 that has been diagnosed prior to the inception of the policy would not be covered under the corona kavach policy.

• Waiting period: There is a waiting period of 15 days under the corona kavach policy after which the claim would be settled under the policy.

• Group Policy: The corona kavach policy can be offered on a group platform subject to the minimum number of lives available under the policy.

As per the recent directive of the Insurance regulatory and development authority of India, the pandemic is covered under every group health insurance policy in India. All the corona-related hospitalization expenses are covered under the group health insurance policy.