As stipulated by IRDAI, all 30 insurers offering health insurance
have started offering Covid-specific standard health indemnity policy called
“Corona Kavach” to the public with durations of 3 and a half, 6 and a half and
9 and a half months. The terms and conditions of the policy are the same
across insurers except that premium rates are left to be fixed by the insurers.
Now, IRDAI has allowed the insurers to offer standard group
policies under the same name “Corona Kavach” provided that all the terms and
conditions of the standard policy are retained except for the premium which is
to be fixed by the insurers.
This standard group policy is expected to be useful to various
private and public establishments for covering the Covid-19 related medical
needs of their employees. It will also be extremely useful for various
categories of frontline workers as groups. In case the group consists entirely
of doctors, nurses or healthcare workers, a discount of 5% will also be
available as a mark of recognition of their contribution in fighting the
society’s battle against Covid-19. 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.
All insurers have also been directed by IRDAI to engage with their
policyholders to disseminate information on precautions to be taken by them to
protect themselves from infection.